A new survey highlights the dedication and struggles of Kiwi small business owners.
Three-quarters of small business owners admit struggling with one or more areas of business management – most commonly finance and accounting.
A new study, commissioned by small business lender Prospa, and carried out by YouGov Galaxy, has provided critical insight into the experience of running your own small business in New Zealand.
It’s also reaffirmed that Kiwis are not afraid to put in the hard yards, with 81 per cent saying they make sacrifices in other areas of life to focus on their business.
Business management struggles
Over three-quarters of respondents reported having struggled with one or more areas of business management, with finance and accounting being the single biggest source of concern (39 per cent).
Among that group, one in five business owners cited struggling with managing overdue invoices. One in five also reported experiencing cash flow issues that brought them to the brink of going out of business.
Finance and accounting was by far the single biggest source of concern (39 per cent), followed by IT and technology (31 per cent) and digital marketing (30 per cent).
The consequences of struggling with an aspect of business management varied from:
- Having to put in extra hours to learn new skills (43 per cent)
- Lost opportunities to grow the business (38 per cent)
- Lost customers and revenue (28 per cent)
Emotional and personal impact
Beyond this, the study also highlighted the emotional and personal impact that long hours and business worries can have on small business owners.
An overwhelming majority, 88 per cent, of small business owners who have struggled with aspects of business management reported experiencing negative emotions as a result – most commonly frustration (44 per cent), stress (40 per cent) and feeling overwhelmed or burnt out (38 per cent).
At Debtor Daddy we know that running your own business requires a huge amount of time, energy and personal sacrifice. When you’re working long hours, managing cash flow, staff and your personal life, having your debtors taken care of is incredibly important.
We offer many options for those who might be thinking about hiring an expert or need help with cash flow to keep their business moving. Click here to book a FREE 30-minute consultation, or why not try a 14-day free trial – no credit card required.