SMEs put their savings on the line
Apr 01 2010
Small businesses are raiding the piggy bank to stay afloat
Hard times are forcing owner-managers to risk personal savings to keep their businesses alive.
According to a poll from insurance provider Hiscox, one in five SME bosses invested an average of £17,000 of personal savings into their business over the last year, while one in three slashed their own salary to increase cash flow.
Almost two in five say they have suffered from stress, and a quarter have been unable to sleep due to worrying about their businesses.
Alan Thomas, small business expert at Hiscox, says: ‘SME bosses have been the unsung heroes of the recession. They have made enormous sacrifices and taken significant personal and financial risks to pull their businesses through the last two years.’
Of the 350 SMEs surveyed, one-third increased their working hours by an average of 12.5 hours a week, while one in ten worked more than 50 hours a week to keep their businesses afloat.
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