Addition, the outsourced finance solution for SMEs and startups, has published a new national survey revealing that female business owners managed their businesses more effectively through the pandemic compared to their male counterparts. The survey of business leaders across the UK showed that companies with female leaders were financially stronger with 40% more male run businesses having their cash flow impacted compared to female owners.
The data also highlighted that male business leaders needed government support more than female owners using more Bounce Back Loans, Government Grants and the Furlough Scheme. In fact, a quarter (25%) of all male run businesses required a government grant to survive compared to only 15% of female owners. The national survey by the financial experts at Addition was commissioned to highlight how businesses managed through the pandemic and what their goals and concerns are for the next 12 months.
Addition’s goal is to give small businesses the financial savvy of big ones. They offer the full suite of financial services – from bookkeeping to growth funding. Their flexible plans offer scale-up options for the fraction of in-house finance team costs. The forward-thinking firm is currently a financial ally to 150 startups (from pre-revenue to £10m turnover), supports growth and offers expert guidance at each step of their business journey.
Addition Founder and CEO, Graham Davies told LondonLovesBusiness, “At Addition, we believe it is critical to understand all the concerns business owners have in the short-term, so we can support them through any future economic challenges. As government help ends and demand begins to fluctuate alongside the economy, there are many positives for businesses to look forward to – but these changes also bring challenges.
Understanding your financials is vital to overcome these challenges and drive business growth. At Addition, we don’t just want to take the numbers off your hands. We want to empower you with targeted insights and 1-1 support – until you’re so big, you don’t need us anymore.”