Survey finds SMBs risk insolvency with lack of rainy-day savings

A recent survey conducted by ServiceSeeking has revealed 62 per cent of users of the popular job quote site had no rainy day funds and would risk insolvency should there be a downturn in economic conditions.

This is despite 77 per cent of those surveyed saying they are happy as business owners and planned to work in their chosen field for the remainder of their career.

Of the 2000+ business owners surveyed, 59 per cent said they had less than $5k put aside for emergencies and 32 per cent said they could only stay afloat for a month should economic conditions take a turn for the worse. A further 25 percent could stay afloat for up to 3 months.

75 per cent of those surveyed also suggested winter was their slowest time of year, suggesting it is vital SMBs find cheap sources to locate new business referrals to stay viable.

 

 

 

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Cec is the managing editor of KBB. She is a multimedia professional with over fifteen years experience as an editor on titles as diverse as SX, CULT, Better Pictures, Total Rock, MTV, fasterlouder, mynikonlife and Fantastic Living. She has spent the past four years working as a news journalist covering all the issues that matter in the political, health and LGBTIQ arena. She is the Head of Content at Pinstripe Media and a recent convert to the world of small business.

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