You may have seen Geniac in the news this week - our research on the Hidden Costs of Running a Business has been making waves. We conducted this study because we wanted to see how startups were spending their hard-earned cash in the first year. We also wanted to compare the expectations of aspiring entrepreneurs with existing business owners as well as the regional differences of cost in the UK.
The results were surprising.
It’s clear from this study that the costs of business administration can really add up for businesses. The real surprise however is just how high the total costs can be, with some businesses shelling out very large sums (over £30,000 in some cases) at precisely the time when conserving cash reserves is most critical. It’s also clear that when a business fails to factor in these costs, it can seriously impede their business success.
Click here to read the full report.