Atomik Research were commissioned to conduct B2B research by public software company, Xero, to investigate how a lack of basic business knowledge can lead to problems for many SMEs. Specifically, the research of 501 Business Owners with under 250 employees, looked at how many small business owners are overwhelmed by regulation when they first start their business and the mistakes they make paying their tax.
Key findings from the B2B research included:
- 88% of small businesses felt “overwhelmed” by business rules at the start of opening their business
- 75% admitting their lack of financial acumen led to their company’s growth stalling
- 78% of Brits have never submitted a tax return before starting their business
- 66% making tax filling errors costing them between £300 and £400 and fines of up to £500
- Common mistakes include:
- 43% submitting the wrong amount of taxable income
- 22% losing paperwork
- 32% filing incorrect expenses in a notepad
- 83% of the business owners suffer from stress
- 40% of bosses lose sleep
- 32% still do their expenses with a pen and notepad rather than using business technology
The B2B research was part of a broadcast PR campaign created in conjunction with our parent company, 4media group, which consisted of research and broadcast PR elements. The broadcast day was fronted by British entrepreneur Sarah Willingham, best known for being one of the Dragons on TV series Dragons’ Den. She was joined in the studio by Gary Turner, MD and Co-Founder at Xero UK, who was able to give advice on the business technology available to SMBs.