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Smes say their biggest money stress is no longer pandemic related

Smes say their biggest money stress is no longer pandemic related

The financial impact of COVID-19 on small businesses may be lessening, but new research shows other pressures including cashflow and utility bills have crept up back to pre-pandemic levels. The report from accounting platform MYOB released this week, found that cashflow and the cost of utilities were top concerns for small to medium-sized enterprises (SMEs) over the past six months, felt by 32% of respondents. The bi-annual MYOB Business Monitor also revealed a growing number of SMEs have concerns around accessing business finance (up 6%) and dealing with late customer payments (up 4%). These two money worries saw the biggest jump in percentage points since December last year. Meanwhile, 35% of SMEs said they still feel pressure from the pandemic, but that figure is down 20% compared to the same time last year. The report is based on a survey with more than 1,000 small business owners and operators. MYOB’s general manager for SME, Emma Fawcett said small business issues that temporarily fell off the radar during the pandemic have now returned. “It’s an unfortunate return to ‘business as usual’ for the country’s 2.29 million SMEs with 14 of the 16 business pressures measured by the MYOB Business Monitor increasing in the last six months. This demonstrates that as COVID-19 pressure subsides, other business pressures increase,” she said. “SME concerns with payment times and old bugbears associated with physical presence - such as utilities like electricity and gas - are back on the table.”

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Articles

Articles

Despite these financially tough times, the majority of small businesses are still choosing to navigate their money matters alone instead of turning to professional advice.

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