Home Business News Many businesses fear they will not survive the next 12 months with a third left struggling with costs

Many businesses fear they will not survive the next 12 months with a third left struggling with costs

by LLB Finance Reporter
9th Aug 22 10:14 am

Global expenses app, ExpenseOnDemand, has commissioned an extensive survey of business leaders* to understand how firms are utilising tech, the demand for tailored solutions and biggest challenges they face.

The survey showed that although the majority (73%) of businesses are optimistic about the next 12 months nearly 1 in 10 (9%) are unsure if they will survive the year.

The survey went on to ask what UK businesses believe are the biggest challenges over the next 12 months with over a third (38%) concerned with managing costs and 29% stating recruitment and attracting the right talent is going to be their main hurdle.

The other major concerns that business leaders believe are going to hold them back are getting clients to pay (22%),technology & having the right systems in place (16%) and sorting out cash flow (16%).

With 76% of business leaders unhappy with their tech solutions due to the lack of tailoring. At ExpenseOnDemand we have listened, and we allow businesses to hand pick what services they need, and we offer a completely tailored solution to mirror their current business processes rather than forcing them to change to match our tech.

We have also updated the app to make it easier for the new normal as, employees work from home and businesses are turning to technology for simpler and automated solutions.

Sunil Nigam, Founder at ExpenseOnDemand said, “We commissioned our report to help us understand what businesses want from their tech provider and what business leaders and owners are concerned about over the next 12 months.

“Managing and monitoring employee expenses is challenging especially with a remote workforce and that is why we offer a flexible and tailored solution and work with our clients to match their needs.

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