An astounding 77 per cent of SMEs reported being happy to work as a business owner for their entire working career, but many don’t realise how short lived their working career might be, a new survey has found.
A recent survey of over 2,000 ServiceSeeking users found that a vast majority are operating at the very edge of solvency.
Of the owners surveyed, 62 per cent had no rainy-day fund and of those that had one, 59 per cent had less than $5,000 in it.
It also found that 32 per cent could only stay afloat for a month in the case of a downturn in the economy. A further 25 per cent could stay afloat for up to three months.
Registered bankruptcy trustee, Aravanis, said bankruptcy doesnt discriminate by lifestyle but it can strike some professi…
Read the full article at: https://www.mybusiness.com.au/finance/4611-most-smes-have-too-little-reserve-capital-face-bankruptcy