A third of business owners blame coronavirus disruption for the biggest challenge their businesses have ever faced.
Asto, part of the Santander Group, has published its Cash Flow Revolution report in collaboration with business guru Alex Holder. It found that few bosses feel in control of their money with almost 70 percent of young entrepreneurs struggling with cash flow.
The UK’s smallest businesses are hardest hit by Covid-19 as workflow and cash flow become their biggest headaches
The report also shows that many small businesses are struggling to find the right information to manage the financial side of their business. More than half find this confusing.
It found that 31 percent of small businesses have resorted to business credit or credit cards. 48 percent use personal resources to ease financial pressures on their business.
One in ten people had to borrow money from friends and family to keep their businesses alive.
Nicolette Maury, Asto UK The General Manager said: “Entrepreneurs, professionals and sole proprietorships are the backbone of UK industry and need help now more than ever.
“This report highlights a real void in support for those who need it most. We hope these money mindsets can help business owners make informed decisions about their finances as they face significant disruption and disruption in an uncertain economic climate Challenges.
“At Asto, we’ve always known that different people need different levels of support, so we take a flexible approach to our products.
“This report highlighted exactly how big these differences can be, and it is fascinating to see how the various money mindsets have been brought to life by the brilliant companies we have worked with.”