News

March 13, 2015

Struggling small business owners want change

Money worries, a shattered social life and poor health — these are just some of the problems that small business owners say they have to face.

A new survey of business owners by SwitchMyBusiness has found that 93% are looking to the government to make changes that will improve the quality of their life, including reducing business rates.

Top of the list of worries for business owners is cashflow, with 43% saying they are currently experiencing problems and 31% saying they are being paid late. Other financial worries include utility bills (for 25%), the cost of insurance (21%) and lack of funding (14%).

As a result, 35% of respondents said they had skipped paying themselves on “numerous occasions”. Over a third (35%) said they might shut their business if life doesn’t get easier.

The survey shows how small business owners have suffered outside of work too. One in ten say they have lost friends due to working too much and the same number say they have missed their child’s birthday. In addition, 38% of small business owners argue with their partners due to stress and 20% admit they sacrifice their own health for their business.

SwitchMyBusiness has created a small business manifesto (#whatbizwant) based on the results of its survey:

• 34% want a reduction in business rates;
• 30% want an increase in funding and grants;
• 27% support higher tax-free allowances for small businesses;
• 25% want harsher penalties for businesses that pay late;
• 25% want a loan scheme similar to student loans with extra time before they need to pay it back;
• 22% want wider access to affordable superfast broadband;
• 21% want government help with utility bills;
• 21% want help understanding and complying with HR and other laws.

Ivan McKeever, ceo of SwitchMyBusiness, said: “The picture from UK small business owners is clear; they want change from the government and they want more help.”

Related resources:

• Tackling late payment:10 point action plan BLOG
• How to deal with stress ARTICLE
• Cashflow management Q&A