# Financial management is the biggest concern for small businesses
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-03-10
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Financial Management Concerns for UK Small Businesses
Meta Description: A recent study unveils that 23% of small businesses struggle with day-to-day financial management. More financial education and support needed urgently.
URL: https://financedigest.com/financial-management-is-the-biggest-concern-for-small-businesseshtml

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A quarter of small [businesses](https://www.financedigest.com/how-to-start-a-business-in-louisiana.html) (23%) admit that day to day financial [management](https://www.financedigest.com/ubss-new-wealth-management-co-leaders-announce-reshuffle.html) is one of their biggest concerns.

In a recent study of more than 1,000\* small business leaders, it has been uncovered that financial management is keeping them up at night. One fifth (20%) admit they struggle to keep on top of the business’s finances, highlighting a cause for concern in the country’s SME sector.

In fact, the concerns aren’t only expressed by younger businesses. While a third (30%) of those in the first [year of trading agree that it is one of their biggest](https://www.financedigest.com/uk-nurses-begin-biggest-strike-ballot-in-more-than-100-years.html "UK nurses begin biggest strike ballot in more than 100 years") worries, surprisingly, a similar proportion (29%) of those with a turnover of more than £10 million 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](https://www.financedigest.com/small-businesses-run-out-of-cash-before-they-run-out-of-potential.html "Small businesses run out of cash before they run out of potential").

One in 10 of those surveyed agree that there is not enough [financial planning and advice available for small businesses](https://www.financedigest.com/financial-advice-for-starting-your-own-business.html "Financial advice for starting your own business") and startups.

Given the option, money being no object, the same proportion would outsource their day-to-day financial [management](https://www.financedigest.com/freelancing-finances-managing-income-and-taxes-as-a-freelancer.html "Freelancing Finances: Managing Income and Taxes as a Freelancer"),

Software developer, Reckon, who commissioned the study, is urging the government to put this on the agenda for the [Small Business](https://www.financedigest.com/small-businesses-and-scams-what-you-need-to-know.html "Small businesses and scams: What you need to know") Commissioner, when appointed.

Mark Woolley, commercial director at the firm, said: “It is worrying that so many [businesses are concerned about financial](https://www.financedigest.com/how-can-financial-institutions-make-the-most-of-data-for-their-business.html "HOW CAN FINANCIAL INSTITUTIONS MAKE THE MOST OF DATA FOR THEIR BUSINESS?  ") 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](https://www.financedigest.com/technology-is-a-tonic-for-late-business-payments.html "TECHNOLOGY IS A TONIC FOR LATE BUSINESS PAYMENTS"), SMEs need as much support as possible to understand how to keep on top of changes and keep business moving.

Financial [management](https://www.financedigest.com/ubss-new-wealth-management-co-leaders-announce-reshuffle.html) is one of the keys to success for any business, regardless of size, affecting all areas of the company. History has shown that companies with high [sales revenue](https://www.financedigest.com/automotive-48v-system-market-sales-revenue-to-substantially-surge-in-the-next-ten-years.html "Automotive 48V System Market Sales Revenue to Substantially Surge in the Next Ten Years") but poor financial management can still fail.

“Whilst there are some resources out there already, there is clearly still a gap to be filled and it needs to be filled quickly.  We’d urge any new [business](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html "2016 – THE YEAR OF TECHNOLOGY FINANCING, THE YEAR OF BUSINESS GROWTH") to seek good advice on the easiest and quickest ways to take control and stay on top of day-to-day finances”


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