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Financial issues that keep you awake No.5 – Finding funding

Today we’re continuing our countdown of the financial concerns that affect business owners’ sleep patterns.

 

The data comes from KPMG Small Business Accounting, who interviewed 250 business leaders to see what keeps them awake at night.

 

Today’s concern, at number 5 on the list, is raising finance for growth or expansion.

 

14.2% of respondents earmarked this as a current concern they’d not addressed yet.

 

21.3% said they were working to resolve this problem.

 

13.5% said it was a previous concern that’d they’d now resolved.

 

That’s 49.1% of business leaders who felt a lack of finance for growth was causing them to lose sleep.

 

It could be that finding sources of finance is something that may be traditionally outside of the remit of a hired accountant, leaving the business owners to worry about it themselves.

 

Other issues on the KPMG list were considered less problematic, such as filing tax returns on time and correctly.

 

This would be because the business owners knew their accountants were prioritising such tasks, so it was all in hand.

 

However, it seems that simply asking your accountant to help out with finding funding could be a way to alleviate those concerns.

 

68.0% of respondents found this to be successful. And, if your accountant can’t help you out, maybe it’s time to find one who can.

 

This is backed up by the 76.0% approval rate from those who changed their accountant.

 

The other successful tactic was to move to cloud-based accounting, which is unlikely to be applicable to this particular problem.

 

A good accountant should be able to check your financial forecasts so you have the best possible chance of receiving funding.

 

They can make sure your business plan and forecasts are tight and realistic, which will be advantageous when applying for a loan from a bank or a government grant.

 

They should also know what other types of funding you may be eligible for due to their experience within the accounting profession.

 

Overall, knowing that someone can make your business look as attractive as possible to potential investors should reduce most of the worries you have about the issue.

 

Find an accountant to help you out right here:

 

https://www.madenotborn.com/accountancy/

 

David