FRAMINGHAM, Mass.--(EON: Enhanced Online News)--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.
“Our goal at Staples is to help our small business customers focus on what they do best”
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)
“Our goal at Staples is to help our small business customers focus on what they do best,” said Alison Corcoran, senior vice president, Stores and Online Marketing, Staples. “Staples supports small businesses with the products they need to succeed as well with expert advice, tips and wide-ranging services. Small business owners want help with managing expenses and Staples provides the expertise on our Business Hub and through our Succeed small business community on LinkedIn®.”
To help small businesses with the latest products, expert tips and information, Staples created the Business Hub, which offers tips and advice from industry experts as well as access to tools that may help them meet their business challenges.
“A firm understanding of finances and business performance is crucial for a small business to be successful,” said Steve Strauss, a leading small business expert and president of TheSelfEmployed.com. “Managing finances is a challenging process and many business owners are often unaware of the tools and resources available that can help them make smart decisions and, ultimately, improve their bottom line.”
Enter Bolster Your Bottom Line Giveaway
In addition to posting helpful tips and expert advice on the Staples Business Hub, Staples is giving small businesses a chance to bolster their bottom line with a $5,000 cash prize every week for five weeks, including a $25,000 grand prize. The Bolster Your Bottom Line Sweepstakes starts Fri., Sept. 27, and runs through Thurs., Oct. 31. For more details about the contest rules, see https://www.staplesbolsteryourbottomlinegiveaway.com/pages/index.php.
The survey was conducted online and asked 500 U.S. small businesses owners, starting Aug. 22, 2013 through Sept. 29, 2013. For the purpose of this survey, small businesses owners were defined as those who had up to 20 full-time employees.
Staples is the world’s largest office products company and second largest internet retailer. For 27 years, Staples has served the needs of business customers and its vision is to provide every product businesses need to succeed. Through its world-class retail, online and delivery capabilities, Staples offers office supplies, technology products and services, facilities and breakroom supplies, furniture, copy and print services and a wide range of other product categories. With thousands of associates worldwide dedicated to making it easy for businesses of all sizes, Staples operates throughout North and South America, Europe, Asia, Australia and New Zealand. The company is headquartered outside Boston. More information about Staples (Nasdaq: SPLS) is available at www.staples.com.