MANY BRITISH BUSINESS OWNERS ARE UNSURE HOW TO ACCESS BUSINESS FINANCE
Over 50% of British business owners don’t know the best option for financing their business, according to recent research from business launchpad platform, Start My Business.
Start My Business commissioned the polling of 500 CEOs and decision makers, via Censuswide, for UK businesses, to observe the financial understanding and awareness of business owners in a post-Covid world.
It was revealed that younger business owners in particular were the most ‘out of the loop’ when it comes to their financial awareness, with 57% of owners under the age of 35 admitting that they do not know where to turn when it comes to acquiring external business finance or funding.
In Scotland it was found that 48% of business owners didn’t know the best finance option available to them with that number rising to 75% of business owners in Edinburgh.
Around 55% rely on bank account apps to track their business finance with 31% incorporating Excel into their finance tracking process.
Shoaib Aslam, Founder and CEO of Start My Business, said:“Understanding your options when it comes to business finance is vital to any successful start-up or established business, and it is disappointing that there is such a lack of guidance and support to help business owners realise their options.
With small business in particular so important to the economy, the government should be front and centre in highlighting business finance options, especially amidst the cost-of-living crisis.”
He added: “Part of the issue for business owners is that all of the tools they need are spread between banking apps, accounting software, and a whole host of other services required for a successful business, adding to the complication of the business finance process.
Services like Start My Business are essential for streamlining a plethora of tools and advice, helping to simplify and provide guidance on core business components, such as business finance, pointing business owners to their best options in order to help fuel their company’s growth.”
