Nearly two thirds of small business owners make difficult decisions alone
A new survey has found that almost two thirds of small business owners make difficult decisions alone. This could lead to stress-related illnesses, among other issues, which could in turn have a negative impact on the business.
The study, by AXA PPP healthcare, found that 9% of respondents said they had no one to turn to for advice. Of those that did have support, 21% turned to their family, 19% relied on fellow directors or business partners and 16% could use employees or fellow business owners for support. These could be reached via networking organisations.
A total of 42% of business owners surveyed said that they would like more support and the same proportion would like better access to finance. Some 29% felt they would like more help from Government and around one in six (16%) wanted more support with business planning.
Despite their desire for greater support however, more than two thirds (67%) felt optimistic about the growth prospects for their business over the next three to five years. If your business is struggling, it’s essential to seek out the best advice before it’s too late and in some cases corporate recovery may be possible.
Given that small businesses play an essential role in the development of the UK economy, the research suggests that many business owners are adopting a positive approach. However, a lack of sufficient support could hinder efforts to create sustainable business practices that encourage long-term success.
The report highlights the pressures faced by business owners who need to manage a wide range of essential activities as well as driving growth and connectivity. This had led to many spending lots of time on their businesses which can impact on their work-life balance. Having support available helps to tackle this and enables those at the heads of business to focus on the elements that are most important.
By Phil Smith
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