New reports suggest that small business owners in the UK are struggling to cope with their financial obligations, impacting upon profitability and in some cases leading to business failure.

A survey of business owners conducted by Mind Your Own Business (MYOB) revealed that over 60 per cent believe that financial pressures have increased over the past year, emphasising the financial difficulties faced by entrepreneurs.

In addition, more than 40 per cent had complained that there seems to not be enough hours in the day, suggesting that there is a tangible burden associated with day-to-day financial management.

The statistics depict an ambitious small business owner who is bravely taking on … increasing challenges," remarked Wayne Schmidt of MYOB.

"The financial burden, however, is reaching a tipping point and is affecting the profitability and performance of many businesses up and down the country."

Similar concerns have been raised by the Federation of Small Businesses, arguing that cashflow control difficulties are a main contributing factor in the demise of many small firms.

Source: http://www.londonstockexchange.com/en-gb/pricesnews/ investnews/