Family comes first in 2004
Dec 18 2003
Spending more time with the family is top of small business owners’ New Year’s resolutions lists according to a survey from Bibby Financial Services.
Over half of the small business owners and managers polled vowed to devote more time to family life in 2004, as opposed to last year’s survey where identifying new markets for products and services was the priority.
However, with 56% putting family first and 46% planning to work shorter hours, the UK’s small businesses appear to be paying more attention to the work/life balance.
However, with 54% also looking to improve their cash flow management next year, it is clear that financial issues are never far from their thoughts. After a turbulent 2003, blighted by economic uncertainties, war and terrorism fears, small businesses are looking to take advantage of a more stable UK economic environment.
Nevertheless, a note of caution was detected as only a third of those surveyed resolved to invest in marketing and promotion activity in the coming year.
David Robertson, chief executive of Bibby Financial Services commended the focus on family life, but cynically wondered, “just how many owners and managers will manage to keep this particular resolution”.
“The fact that managing cash flow is a key business priority for owners and managers in 2004 is encouraging. It is more important than ever that owners and managers of small and medium sized businesses recognise the value of having a sound financial base and a strong cash flow. Now is the time for businesses to reassess existing financial structures and ensure that the best possible cash flow solutions are being adopted.”
(17/12/03)