A lack of Interest and Poor Management doesn’t bode well for UK small business.16th September 2015
A recent survey into the savings habits of 1000 small businesses across the UK revealed the shocking truth that almost a quarter received no interest on their surplus cash – that’s zero, nil, niet, nada!
A significant factor might be a severe lack of safe investment opportunities yielding a decent rate of return but surely that shouldn’t stop businesses trying altogether should it? It’s the equivalent of keeping your own cash under the mattress!
Another report, commissioned this time by the Chartered Management Institute revealed that 44% of companies founded in the UK in 2011 had failed by 2014 citing blame on management and incompetence in 56% of the cases.
It’s hardly surprising then that the management of ‘money’ and ‘finances’ in small businesses across the UK really is such an afterthought with so many owner managers having little or no training in this area.
The real kicker in all this is that most people go into business to make money or create wealth in other ways.
So come on UK business, buck your ideas up and get a grip on the money in your business.
If you don’t want to learn how to manage your money yourself at least invest some time in finding the right person or company that will do it for you!