The study conducted by Opinium canvassed the opinions of 504 senior SME decision makers.
- B&C roundtable: BTL lender departures, hybrid products and utopian underwriters
- Folk2Folk seeks institutional funding for new product launches
- Less than a third of Welsh SMEs consider alternative financing
Other key statistics from the research on SME leaders included:
- 50% were able to recall their turnover for the last financial year
- 46% were able to recall the amount in their business bank account
- an average of four hours per week was spent on their business’s finances, with younger business leaders (aged 18 to 34 years old) spending on average six hours a week
- 42% were able to recall their profit for the last financial year
- 23% were able to recall their average sales margin
“Having a strong grip on the financial health of your business is essential for driving growth in your business and fulfilling its potential,” said Simon Willmett, finance director at Nucleus Commercial Finance (pictured above).
“Time spent on understanding your business’s finances is time well spent.”