A survey carried out in the UK by cloud accounting software provider, Xero has revealed the most common cashflow problems organisations of this size are facing.

It was found that among the 500 owner-managed businesses questioned, late payments (54%), tax rates (44%) and cyber-attacks (27%) were the biggest concerns.

Other challenges included Brexit (44%), maintaining or boosting levels of productivity (31%) and recruitment costs (19%).

Around a third (37%) of small business owners said that they’re currently experiencing their most turbulent period.

Some are so worried about the future that a quarter believe their company will fold in the next four years. The pressure of running a small business in the current climate is also affecting more than a third of respondents’ mental health.

In order to try and keep their business afloat, owner-managers say that they’re working an extra nine hours a week, in addition to their standard working hours. On average, they’ve also pumped £11,846 of their own money into the business in a bid to keep it going.

Gary Turner, the co-founder of Xero, commented:

“The ways small businesses work now are dramatically different from the 1980s when the first personal computers arrived, but businesses need to adapt to greater changes coming their way.”

He added:

“New technologies will hasten a far greater consciousness towards the biggest killer of small businesses. Cashflow issues will decline as instant payment technologies take root as a cultural norm. I believe what we’ll see are 30-day payment terms going the way of the fax machine.”

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