Skip to main content
We're here with practical information for your business. Learn about business planning, running a business and more.

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Half of small business owners struggle with finances

11 June 2019

Two business owners are worried about how they'll pay their billsA new poll has found that 51% of UK small business owners need help managing their finances.

The survey, conducted by Opinium on behalf of Funding Options, interviewed 500 people of middle management level and above within UK SMEs. The results show that one in two small firms is struggling with its finances - which means that 2.86 million of the UK's 5.6 SMEs are affected.

The findings come at a time when the number of companies entering administration has hit its highest level in five years. The poll shows that:

  • 23% of small businesses owners are unaware of their financial troubles until their bank account is in the red (rising to 46% for business owners aged under 35);
  • 33% of small business owners have previously found themselves in financial difficulty;
  • 32% say they have lost sleep worrying about their business finances;
  • Just 7% of small businesses review their finances more than once a month; 23% do so once a quarter;
  • 17% don't have any formal reviews of their business finances at all;
  • Only 53% regularly forecast their finances to keep track of cashflow.

"The primary focus of any small business should be on its product and customers and so it's easy for financial operations to take a back seat," said Ryan Edwards-Pritchard, managing director of Funding Options. "Along with day-to-day challenges, additional factors such as the huge uncertainty around the outcomes of Brexit only add more pressure."

Funding Options and Experian are partnering to develop a new cashflow management tool to help small business owners get a clearer picture of their financial situation. The tool - called Totem - will be available for free and will allow small firms to get on top of VAT bills, manage invoices, check and understand how to improve credit scores, and identify upcoming dips in cashflow.

Edwards-Pritchard said: "New tools entering the market are giving entrepreneurs the power to take full charge of their finances, simplifying everything from tax returns to cashflow projections and, if utilised, we will hopefully see more organisations survive and thrive - putting an end to sleepless nights."

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.

Contact us

Make an enquiry