Forty percent of small business owners wish they’d known more about management before starting their business, according to a recent survey by Staples, Inc. (NASDAQ: SPLS). As a resource to help small business owners overcome hurdles and succeed, Staples fielded a study to explore the concerns of small business owners and their overall level of knowledge about business performance.
The survey found that while an overwhelming amount (94 percent) of small business owners are confident in managing their finances, less than half (45 percent) can define basic accounting principles such as “accounts receivable” and “accounts payable.” And 23 percent admitted to bouncing a check in the past year.
Staples Small Business Survey
Staples fielded a study to explore the concerns and knowledge of small business owners. Survey results include:
- More than a quarter of respondents lose sleep over cash flow (28 percent)
- Nearly half (48 percent) of small business owners will pay others before paying themselves
- Roughly one third (28 percent) acknowledge financial and cash flow challenges including postponing hiring
- A significant amount of Millennial small business owners (42 percent) wish they could get more support from the community
- Almost one third of respondents (32 percent) have a feeling of “drowning in receipts”
- Sixty five percent of small business owners say that they’ve had a secret hiding place for emergency money. Popular places include:
- Desk drawer (19 percent)
- On the person (13 percent)
- In the car (7 percent)
- Wouldn’t disclose where their money has been hidden (44 percent)