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SMEs need to know their debt levels

Feb 04 2008

Nearly a fifth of SME owners have no idea how much money their business owes, according to new research from an industry watchdog.

Up to half of SME managers questioned in the survey by the Tenon Forum, also admit that their business is in debt.

Four out of 10 took out loans to grow the business, while 15 per cent say their business had not performed as expected.

A further nine per cent blame poor business decisions which have resulted in costing the firm money.

Carl Jackson, head of Tenon Recovery, says: 'In the current fragile economic climate, it's especially important that entrepreneurs know their balance sheet inside out.'

'Borrowing can bring considerable business benefits but debts must be kept under control and within the financial limits of the company,' he adds.

Businesses in the north are most concerned by business debt with almost a quarter claiming they never let their business borrow money.

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