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Study: Managing finances the top problem area for small business owners


In today's business world, small business owners try to maximize the use of every dollar, and in many instances running a firm can be stressful and cause headaches. According to recent research conducted by TD Bank, 60 percent of small business owners said their stress levels continue to grow.

Financial bookkeeping a source of frustration
Not all small business owners are experts at keeping the books and creating a budget that will allow their firms to prosper. The study found 33 percent of respondents said managing finances is the main thing troubling them.

"Small business owners are clearly busy, and our survey found that that nearly half (46 percent) are spending more time managing their money than they'd like," said Jay DesMarteau, head of small business and government banking distribution for TD Bank.

Seek help from a bank
Many small business owners wear several hats within their firms, and sometimes keeping tabs on their finances is something that drives them up the wall. By partnering with a bank and using its services, small business owners can take the burden off themselves and place it into the hands of a banker who are experienced with helping small firms with their accounting and finances.

"Small business owners can reduce stress by partnering with a bank that respects their time and offers convenient ways for them to bank on their own schedule," said DesMarteau.

Picking a bank isn't as simple as finding the closest one to the business or the chain that has the best reputation. It's important to find the bank that fits the personality of the business and offers the products and/or services needed by the small business owner.

"Running a business can be stressful enough, and small business owners deserve partners who help ease the burden," said DesMarteau.

What else is troubling small business owners?
Banking isn't the only thing troubling small firms. In fact, the survey found 20 percent are having trouble managing employees and 17 percent run into problems with their customer and/or client relations.

The last thing a small business owner wants is to run into legal trouble with a customer or a particular employee. By purchasing small business insurance, owners can make sure they aren't subject to liability claims set forth by problem customers or employees that they were forced to let go.

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