Survey on SMEs finds that 72.5 Percent are losing sleep over cash flow

It’s a worrying time to be a small to medium business owner if the results of the latest Scottish Pacific SME Growth Index are anything to go by.

The report, initiated by Scottish Pacific, engaged a leading independent researcher to conduct six-monthly polls of 1200 small to medium business leaders across a number of states and territories.

Some of the key findings outlined in the Index include:

  • Business owners are working up to 80 hour weeks
     
  • They are losing sleep over cash flow, and it has been named as the top concern – 72.5 percent of respondents say cash flow keeps them awake at night
     
  • There isn’t enough time to get things done – 55 percent of respondents said they don’t have enough time to get things done
     
  • Digital disruption isn’t always a good thing – 17.3 percent were worried about the disruption of their business models
     
  • One in four are predicting revenue to decline through to the end of 2016 – the number of businesses predicting decline has almost doubled from 13.2 to 24.2%
     
  • Small businesses are looking to non-banks for funding to ease cash flow concerns
     
  • Technology isn’t always a good thing – Almost half of the respondents (44.6 percent) believe that mobile and digital technology has had a negative impact on their work life.
     

For more detailed information, please visit the report home page by clicking here.

In a rapidly advancing global and digital environment, businesses, of all sizes must become more competitive, leaner and agile in order to maintain growth and success.

In order to meet these challenges head-on, business owners have to look at alternate strategies which can drive efficiency and accelerate growth.

Meet these challenges head-on with an offshore team

Here at Diversify, we understand the challenges that small to medium business face. That’s why we offer businesses, of all shapes and sizes, access to highly-skilled and digitally-enabled workforces in the Philippines.

Offshore teams are more viable than ever with the breakdown in geographical barriers through advancing digital technology channels. You can access a global team by simply putting on a headset and using Skype… it’s that simple.

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More and more businesses, especially the larger end of town, have realised the power of offshore teams – maybe it’s time you considered it for your business. Why?

Well, let’s look at how offshore teams can address some of the issues identified in the Scottish Pacific SME Growth Index.

  • Reduce your workload by offshoring labour or process intensive tasks – Business owners can free up time and resources by offshoring time-consuming and low-value tasks.
     
  • Access cost-effective Filipino employees – Business owners can realise more than 70% in savings by offshoring. Businesses can look at offshoring back-office roles and invest the savings in other areas of their business. This can also assist businesses in increasing their bottom line.
     
  • Increase capacity with offshore team members – Businesses who are struggling to keep up with demand can increase capacity by adding offshore team members.
     
  • Digital advances have made communicating globally easy – With technology advances, you can communicate with your offshore team as easily as you do local team members.
     

Diversify Offshore Staffing Solutions works with businesses to identify how an offshore program can work for them. We’ve assisted businesses in adopting an offshore strategy successful and working with them to realise the benefits.

If you’d like to learn more about offshoring and how it can assist your business in meeting the challenges raised in this report head on, please contact me via private message or visit our site.

Reference: Scottish Pacific SME Growth Index – http://www.scottishpacific.com/

 

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