A new study reveals that almost a third (30 per cent) of UK small and medium-sized enterprises (SMEs) are having to rely on funding in order to keep on top of their day-to-day costs.
The research, which was carried out by alternative lending platform Liberis, sheds light on some of the key costs SMEs are struggling to juggle – and indicates that many small businesses need a helping hand when it comes to managing their finances.
According to the report, today’s small businesses are grappling with a number of ‘urgent funding requirements’ which they need to handle in order to stay afloat.
The biggest challenge facing SMEs is the need to invest in new equipment – which was cited as the primary concern of 39 per cent of business leaders and decision-makers surveyed.
This was followed closely by marketing (34 per cent), product development (32 per cent) and just generally keeping up-to-date (30 per cent).
Furthermore, almost a quarter (23 per cent) of respondents said that they were struggling with paying tax and bills, while a further 15 per cent said that they were having difficulty pursuing expansion opportunities.
The survey suggests that, among other things, many businesses could benefit from a helping hand when it comes to organising their finances, operating in a tax-efficient way and ensuring they are on top of their tax and compliance responsibilities.
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