Australia markets closed

    -52.40 (-0.71%)

    +0.0007 (+0.10%)
  • ASX 200

    -49.30 (-0.69%)
  • OIL

    +0.71 (+0.64%)
  • GOLD

    +1.80 (+0.10%)

    -331.18 (-0.79%)
  • CMC Crypto 200

    -15.40 (-2.30%)

The small business blind spot which could cost owners a fortune

<i>Photo: Getty</i>
Photo: Getty

Do you know the credit score of your small business?

If you do, you’re among just seven per cent of savvy small business owners.

But it means the other 93 per cent of business owners are in the dark about the financial position of their business.

Small business owners who know their credit score are able to create more opportunities for their business through improved access to funding options, OnDeck Australia CEO Cameron Poolman said.

And those that don’t could suffer the consequences and miss out.

“While not all small businesses need access to funding, being informed on how, when and why to get funding is an important part of running a successful business,” Poolman said.

Small business makes up 99 per cent of all Australian business, he pointed out, and account for nearly two thirds of all employed Aussies.

“The prevailing lack of understanding around scoring is an issue for small business, especially given the size and importance of the sector to the Australian economy,” he said.

Worryingly, less than half of survey respondents even knew what a credit score was – and around a quarter thought it was for matters unrelated to business valuations or tax.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting