- Research shows nearly half of small business owners working between six or seven days per week
- Three-quarters of small business owners admit struggling with one or more areas of business management – most commonly finance and accounting
- 88 per cent of small business owners who struggle with an area of business management experience negative emotions like frustration, stress and feeling overwhelmed or burnt out
- 81per cent say they make sacrifices in other areas of life to focus on their business
A new study by leading fintech, Prospa, has shown New Zealand small business owners are facing similar struggles to their Australian counterparts; with managing finance and accounting processes proving a particular pain point across both sides of the ditch.
NZ business owners are working the same long hours with eight in 10 saying they sacrifice other areas of their life to focus on their business. Almost half (49 per cent) are working six to seven days a week to maintain their business, with 20 per cent working seven days.
Like their Australian counterparts, New Zealand’s small business owners struggle with business management, collection and overdue invoices.
Prospa New Zealand Managing Director, Adrienne Church, said the research highlights a number of themes and experiences familiar to Australian SMBs.
“Irrespective of the industry you’re a part of – whether you’re an accountant, a plumber, a retailer – running your own venture requires a huge amount of time, energy and personal sacrifice,” said Church.
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), to lost opportunities to grow the business (38 per cent) or lost customers and revenue (28 per cent). One in five (20 per cent) among that group reported experiencing cash flow issues that brought them to the brink of going out of business.
“Money management and cash flow are always one of the biggest concerns for small business owners. When you’re working up to seven days a week managing sales, people, marketing and regulations, then fast, simple access to finance is crucial. We offer funding options for those who might be thinking about hiring an expert or need help with cash flow to keep their business moving,” Church concluded.