Study suggests SMEs need a helping hand with their finances

A new study suggests that small and medium-sized enterprises (SMEs) are struggling to keep on top of their day-to-day costs – and could use a helping hand in the finance department.

According to the research, more than three quarters (76 per cent) of SMEs have ‘lost sleep’ over their business’ spiralling costs and demanding administrative responsibilities in the past 12 months.

Meanwhile, 79 per cent of SME owners and decision-makers have ‘made personal sacrifices’ to keep their business running smoothly, 36 per cent have had to give up personal time for their business and a further 31 per cent have been forced to cut back on family holidays.

In addition, almost a quarter (23 per cent) of SME bosses told the survey that they have had to work while on holiday, while 14 per cent said they didn’t have the time to take any holidays at all.

Nikki Flanders, of Opus Energy, which commissioned the research, said that the “all-consuming” pressures of running a successful business were clearly getting on top of company bosses.

“Considering the difficult trading conditions businesses of all sizes have experienced recently, it’s not surprising that SMEs have needed to make particularly hard sacrifices over the past 12 months,” she said.

“However, the fact that small business owners are jeopardising their well-being consistently is a worrying sign,” she added.

Business owners that are struggling to keep their organisation running smoothly and efficiently should seek specialist advice sooner rather than later.