As a business owner, you have numerous demands on your time. The 40-hour workweek doesn’t exist for you. Even if there’s not a crisis, there is a constant stream of issues requiring your attention. Time is money, and no one knows that better than you.
A recent study found that small business owners valued their time at an average of $170 per hour. At that rate, wasted time is expensive. A third of those surveyed said they’d need almost 70 hours each week to successfully run their businesses. They also reported that finding funding for their businesses took an inordinate amount of their time.
Securing financing is a hurdle for many business owners. A survey from the New York Federal Reserve found that the average small business owner spends 33 hours applying for a small business loan. At $170 per hour, that’s $5,610 and a ton of lost productivity.
In the interest of time management and efficiency, many small business owners are turning to technology to complete this process. Both alternative and traditional lenders are recognizing the need for online lending and have been offering services to streamline this process. Helping small business owners gain back those 33 hours has created a wider market for financial services that meet their needs outside of regular business hours. To read more about how technology is leading this trend and giving small business owners greater control of the process, read the full article from Forbes.