Small Business Startup News
Survey: Hispanic Small Business Owners Want To Improve Financial Literacy
Written by Jenna Weiner
A recent survey found Hispanic small business owners are unable to identify the business cost they most need to get under control.
It's not breaking small business news to hear that owners all have their strengths and weaknesses - some are more adept at marketing while others are customer service gurus. However, a recent survey is showing that one demographic of owners is struggling with financial know-how.
Research by Sage Simply Accounting finds one-fifth of Hispanic small business owners are unable to identify the business cost they most need to get under control, despite 51 percent saying they personally take care of accounting.
"Although the number of Hispanic small and midsized businesses in the U.S. is growing at a rate two to three times faster than the national average, our survey suggests that many of these Hispanic business owners believe they could still benefit from increasing their financial literacy," said Jamie Sutherland, vice president and general manager of Sage Simply Accounting.
However, most of these owners recognize the value of greater financial education, with the survey finding 71 percent of respondents feel they should know more about financial planning.
Financial knowledge is one of the most important aspects to running a business, regardless of the demographic, and also one of the most easily messed up. A survey from Hiscox USA found that the biggest mistake small business owners said they made when starting out was not securing enough financing.
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