Trying to find the right payment solution is just one of many problems that are giving small business owners sleepless nights.
As well as sifting through mountains of paperwork in regards to payment services regulations, small business owners are losing sleep because of other financial issues. As a result, a recent survey of 250 small business owners by KPMG found that over 50% routinely suffer from sleep deprivation.
This is a big concern. According to Laura Giurge at Erasmus University Rotterdam, just one night’s bad sleep can cause a whole host of negative behaviours. Sleep deprivation has been shown to reduce cognitive functioning, leading to worse performance, decision-making and communication. Emotional functioning also suffers, leading to irritability, mood changes and risk-taking behaviours.
None of these behaviours are particularly desirable, especially not for small business owners.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.
Their biggest financial concern? Cashflow. Nearly three-quarters of small business owners say it’s the biggest worry on their minds, while less than a third say their biggest problem is filling in tax returns.
It’s clear that in times of rising inflation and stagnant wages, small business owners are starting to feel the pinch. It doesn’t have to be that way, though. If they partner with a bespoke payment services solution that works for them, their business and their customers, it can lay the foundations for future growth.
Plan for future business growth with the right payment services solution
Another recent survey, commissioned by the business arm of energy company npower, looked at 1,000 SME owners and found that one in five are missing paydays in an effort to make ends meet and stay afloat.
A staggering 60% of companies say they are predominantly self-financed and don’t count on any other avenues for financial support. Partnering with the right payment solution provider, however, can help small business owners to open new revenue streams and better plan their future strategy.
The way small business are financing themselves is changing. According to the SME Finance Monitor, 47% of SMEs qualify as permanent non-borrowers, suggesting a growing trend of small businesses in the UK who don’t wish to borrow money.
Perhaps this is a knock-on effect still being felt by the 2008 recession, but there’s also evidence to suggest that SMEs are focusing on other forms of alternative investment such as crowdfunding.
Making sense of complicated payment services regulations
Digital local currencies, for instance, is just one payment option that’s growing in prominence and that SME owners can take advantage of to grow their business. As a payment solution, digital local currencies are dependent on mobile technology to make payments in fast, secure ways.
Overall, the majority of SME owners have huge growth ambitions. Owners who partner with the right payment solution provider can discover new ways to advance their enterprise while adhering to complex financial regulations. The result – they can focus on growing their company.
Small business owners handle a lot of pressure on a daily basis, and take risks that most wouldn’t n order to make their business a success. With consumers changing the way they shop for goods and services thanks to the growth of mobile technology and the expansion of online services, modernising your business with new payment solutions is the first step to serious future growth.
Fibonatix is more than a payment solution provider suited to small business owners. We’re a team of financial experts who work with companies to cut through complicated financial regulation and compliance procedures to help them grow.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.