Half of Small Business Owners Worry About Money. Why?

Business owners come to us often with a fear that a lot of people have: do I have enough money? Either living paycheck to paycheck or having to take out loans, businesses worry about the amounts of money they have on hand.

A recent study from DaySmart Software reported the #1 worry for US small business owners is making enough money. We’ve highlighted this topic before in our post, “How Not to Live Paycheck to Paycheck when Running a Successful Small Business”. We’ve discussed how to manage costs and not waste money, but thought that we would speak about it again. Because to us, it is clear that this is keeping small business owners up at night.

Money worries can cripple businesses

Feeling like your business isn’t going the right way? ProStrategix knows how to help. Read some of our other articles below, or feel free to connect with us and get a complimentary thirty-minute consulting session.

Using Technology to Manage Day to Day Tasks Seems to Help

Being worried about money can hurt small businesses

Going digital vs. manual is one approach offered to quash your money worries. Remember, this research was sponsored by a software company, but the general technology trends are arguably valid. The adoption of software to help with business management tended to do better than those that did not. Some of the reasons offered were reducing manual labor over paperwork, increased customer satisfaction, and more time.

In Which Technologies Are Business Owners Investing?

The simple answer is operations. The second is in marketing. The final is in digital security. All three are sound investments. Simplifying operations by using a simple POS system is much better than manually managing a cash drawer. Automating invoicing and accounting makes a ton of sense. Automating social media is another way to save time and money. Even automating some marketing functions such as e-mail drip campaigns and the like are also time savers. As we mentioned before, security threats are real and are focusing more on small businesses where hackers believe security is laxer.

What’s Holding Business Owners Back From Their Money Worries?

The main barriers to faster adoption are money, lack of expertise, confusion over the right tools, and security threats. Just Google one of these services and it’s clear why business owners are confused. There are a dizzying array of options. The key takeaway from this survey is that business owners are worried about money. Technology can help alleviate that worry somewhat, but we need help to know what would work best to keep on growing as a company.

At ProStrategix, we know you have concerns.  We’re designed to help give you the business support you need so you can focus on doing what you love.  If you would like to learn about how we might be able to help you, please contact us.

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