Half of British business owners (50%) do not know the best option for financing their business, according to recent research from the business launchpad platform, Start My Business.
To take stock of the financial understanding and awareness of business owners post-Covid, Start My Business commissioned the polling of 500 CEOs and decision makers for UK businesses via Censuswide.
This also revealed that 61% of all owners surveyed do not know how to access finance options beyond traditional banks, which rose to two thirds in larger companies (over 50 employees).
However, 49% of those surveyed said they wanted to learn how to manage their cash flow more effectively and 38% said the area in which they wanted to upskill the most in the immediate future was in tracking the financial health of their business.
It was also found that bank account apps are the most popular service used by owners to track the financial position of their business with 55% relying on these.
Along with banking apps, half rely on accounting software, whilst 37% include Excel spreadsheets in their financial tracking process.
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On understanding and managing options, Shoaib Aslam, Founder and CEO of Start My Business, commented:
“Services like Start My Business are essential for streamlining a plethora of tools and advice, helping to simplify and provide guidance on core business components, such as business finance, pointing business owners to their best options in order to help fuel their company’s growth.”