Businesses─ regardless of venture or industry─ require long hours of work combined with dedication, perseverance, determination, and iron will to create profit and generate growth. The gravity of financial responsibilities, though, is slightly concerning for small and medium enterprise (SME) owners, as supported by a study published in a Yahoo! UK and Ireland Finance article last May 6, 2014:
“One in four small business owners admit to losing sleep over financial worries, according to a new survey.
Research commissioned by online accountants Kashflow found that a quarter of small firms are putting off hiring new staff for fear it could make the company payroll system too complicated.
Even more worryingly, nearly a third of small businesses admit they find difficulty in keeping track of company money and that if their lenders called in their loans tomorrow they would be unable to find the money to pay them.
The study of 500 small firms not only suggests that accounting worries are holding back business growth, but that many companies have a worryingly loose grip on their finances. A further 16% of respondents admitted that one accounting mistake could mean them losing their business altogether.”
It is true, running a business is quite a challenge, with lots of things to work on and a number of factors to take into account. Business owners must know how to plan and organise strategies to progress their ventures and consolidate the financial and accounting aspects of the organisation like auditing, tax planning and payroll in Bristol.
Furthermore, they must conform to the laws, comprehend several legal agreements, allocate time to promote products and services, and correspond with customers on a regular basis. They spend so much time keeping an eye on each of these functions that they are often left with too little time to focus on actually growing the business.
To realise their visions, smart SME owners know that they have to delegate some responsibilities to free up their time, so they can concentrate more on the most important matters. They can lighten the load of running their business by seeking experienced Bristol bookkeeping professionals, who can help them with invoicing and other essential financial tasks. This way, they can build more strategic activities for expansion, reach out to new customers, engage with the right employees, and reach higher levels of productivity.
(Source: Finances keep small business owners awake at night, Yahoo! UK & Ireland, 6 May 2014)