A quarter of hospitality and leisure SMEs admit that day to day financial management is one of their biggest concerns.
In a recent study of more than 1,000* small business leaders in the sector, it has been uncovered that financial management is keeping them up at night. Over a fifth (22%) admits they struggle to keep on top of the business’ finances, highlighting a cause for concern.
While a third (30%) of those in the first year of trading agrees that it is one of their biggest worries, surprisingly, a similar proportion (29%) of those with a turnover of more than £10m have the same worry.
With the fiscal year coming to end, the research has highlighted the need for more financial education and support for the UK’s small businesses, including those in the hospitality and leisure industry.
One in 10 of those surveyed agree that there is not enough financial planning and advice available for small businesses and startups.
Software developer, Reckon, who commissioned the study, is urging the government to put this on the agenda for the Small Business Commissioner, when appointed.
Mark Woolley, commercial director at the firm, said: “It is worrying that so many businesses are concerned about financial management, as it is an issue that can impact their suppliers, partners and our economy. With the potential threat of increased business rates and late payments, SMEs need as much support as possible to understand how to keep on top of changes and keep business moving.”