Why are so many small businesses failing despite passion & hard work?

Why are successful Small Business Owners Time Poor, Overwhelmed, Anxious & Confused?

The answer isn’t a lack of effort, but a lack of financial understanding.

Every day, driven individuals face incomprehensible reports filled with jargon. They fear inputting the wrong numbers and lack clear goals. They are time-poor, juggling multiple responsibilities, leaving them overwhelmed and stressed.

Whilst helping an independent hospitality outlet dissect their core financial measures, a spark ignited. By focusing on easy-to-understand metrics derived from their existing data, specifically weekly core ingredient costs, some large savings that could be quickly identified. 

It became clear that for busy, successful small business owners, keeping on top of their finances meant focusing on one vital metric, Direct Costs. Setting a goal for this single metric allowed the business to improve month on month.

But because of that, a new challenge emerged. After the initial weeks, gathering the necessary data became difficult because it was not held in the EPOS system. The owner, burdened by a long work week, had little time to spare. It became clear that this time-poor situation was common among small business owners.

Because of that, it was discovered that goal setting and budgeting were rare in smaller businesses. Existing accounting programs presented financial data in a way that was difficult for them to digest, making it hard to achieve their goals.

We created SME Clutch to be a simple, easy-to-understand goal setting, tracking, and accountability solution designed to empower small businesses to achieve financial freedom.

The SME Clutch Philosophy

• Simplicity: Presenting complex data in an easy-to-understand format.
• Focus: Concentrating on a few key goals and measures.
• Actionability: Providing insights that drive action and improvement. 

SME Clutch links to the one data source that is obligatory for all small businesses, their accounts. We link to QuickBooks Online and Xero, collecting 13 months of data to allow for FAST goal setting and tracking and provide the tools for accountability with your bookkeeper or other trusted advisor. 

The Bookkeeper's Perspective

This journey also unveiled a critical insight: bookkeepers are essential partners for small business success. They are the ones who have regular contact with the business owners. They ensure accounts are up-to-date and offer valuable financial insights.

• Accuracy: Bookkeepers ensure financial data is accurate and reliable.
• Time-Saving: By handling the financial tasks, bookkeepers free up the business owner's time.
• Business Growth: Bookkeepers provide the insights and support needed to make informed decisions and drive business growth.

Today, SME Clutch helps small business owners set goals, track progress, and stay accountable, while enabling bookkeepers to elevate their practice and strengthen client relationships. Together, they navigate the complex world of finance, turning confusion into clarity and driving businesses towards financial freedom.

Take a FREE 14 day trial at app.smeclutch.com ↗