Top 5 financial worries and concerns for small business owners
Owning and running your own business brings with it a lot of responsibility, and with responsibility comes worry. As a team of business insurance specialists, we have put together a list of the top financial concerns of business owners just like you – how many can you relate to?
Unexpected tax bills
As Self Assessment Tax only arises once a year, it can be hard to budget for such a large expense in one go (and equally easy to ignore it for the rest of the year!). Many small business owners feel that tax bills are the biggest threat to their finances.
Many business owners expressed their concerns about remaining profitable – without profit, why run a business? They shared their worries that necessary overheads often eat into profits and staying on top of cash flow month by month can be tricky.
As a business owner, it is likely that the biggest fear of yours is for your workspace to become unusable or for your tools to be broken, causing work to cease until the issue is resolved. With a business insurance policy tailored to your business needs, you can rest assured that your business and profits are safe no matter what potential risks could be around the corner.
Paying for marketing
Marketing products and services are crucial to influencing sales and bringing new clients on board. However, many business owners fear that the cost of marketing will eat into their profits – Is your business stuck in a similar vicious circle? Take a look at our reasons your business should be using social media, at least!
Offering competitive salaries
Many business owners face the dilemma of wanting the very best staff on their team, whilst not being able to afford the salary they deserve. As your workforce grows, naturally, your outgoing costs will too, however, employees are an investment and in the long run, will help to increase the profits of your business.
About Alan & Thomas
Alan & Thomas Business Insurance can provide a range of insurances to businesses across sectors including hospitality, motor trade, property, agricultural, retail and tradesmen. For advice on your business insurance and a free no obligation quote, contact our team today on 01202 754900.