As any small business owner will know, finding the time to manage day-to-day operations, let alone grow their business, can be difficult.
It’s often not enough to be a skilled carpenter, graphic designer or cafe operator, because small business owners are also required to take on the role of financial managers and marketers in order to maintain and expand their businesses.
And according to YouGov Galaxy research commissioned by online business lender, Prospa, the majority of Australian small businesses are struggling to juggle those priorities.
The research found that one in three (75%) of small business owners struggle with managing at least one area of their business, with digital marketing and financial literacy (e.g. budgeting, accounting and managing tax) topping the list.
“Being a small business owner is a tough but rewarding gig. They start out with a vision to be their own boss or follow their passion but need a wide range of skills to keep the business moving,” said Co-founder and joint CEO of Prospa, Beau Bertoli.
“Whether they’re a plumber or a retailer, small business owners need to understand social media, people management, regulations, accountancy, cash flow and debt collecting to be competitive. Having run a small business myself, I know how overwhelming this can be.”
So when it comes to addressing these issues, where would owners ideally love to make an investment to have the biggest impact on their businesses’ management and growth?
According to Prospa’s research:
• 26% of small businesses would invest in a marketing campaign to engage with their customers
• 14% of small businesses would invest in better equipment
• 13% of small businesses would invest in hiring more staff
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Looking for a funding option to provide that extra bit of investment in your small business? A business loan could provide the cash injection to purchase new equipment, hire additional staff or launch your next marketing campaign.
Find out more about business loans by checking out our ultimate business loan guide or start comparing some of the hottest business loan deals around, including Prospa’s offer, in the table below.