Small firms’ New Year fears
Dec 23 2004
Cashflow is the subject causing sleepless nights for most small business owners as 2005 approaches, according to recent research.
The annual survey of small businesses by Bibby Financial Services shows that almost two-thirds of respondents are worried about finance channels, a 10% increase on last year’s research. At the same time last year, making more time for family was the main concern, but that is now only cited by just over half of those asked.
Other causes for concern raised included identifying new markets for their products and improving the skill levels of their employees.
On a more positive note, a separate survey from business recovery specialist Begbies Traynor, suggests that a fifth of people in full-time work are planning to abandon the security of employment to strike out on their own.
Just under half of these brave souls have already had their business plan given the once-over by a professional business adviser. Meanwhile, 60% are motivated by the idea of working for themselves with only 10% claiming they are following their entrepreneurial dreams.
Nick Hood, a partner at Begbies Traynor, said, “It’s great to see so many people taking the initiative and planning to set up their own business in 2005. However, I am concerned that some of these entrepreneurs appear unprepared.”
(28/12/04)