8 in 10 small business owners hit by cash crunch

📆 28/10/2023 12:18 am
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pstrongTo keep business their afloat, some owners use their personal savings./strong/p pSmall business owners resort to using personal savings, increasing their prices, and not paying themselves to cope with rising costs and make a profit, according to a report by Xero.

Small business owners resort to using personal savings, increasing their prices, and not paying themselves to cope with rising costs and make a profit, according to a report by Xero.

In the past 12 months, 83% of small businesses have experienced cash flow issues, affecting their ability to grow, hire new staff, and invest.Due to late payments, 27% of businesses had to pay their bills, whilst 41% needed to negotiate payment terms with suppliers, and 30% experienced stalled revenue.

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