38 per cent of SMEs regret starting their own business but, with the right advisers by your side, it really shouldn’t be that way.
74 per cent of small to medium sized SME business owners in London are concerned about their business, according to a new survey by Opus Energy. The findings show that company finances and costs (34 per cent), work/life balance (29 per cent) and new customer conversion rates (20 per cent) are the main factors keeping SMEs awake at night.
79 per cent say that they have made personal sacrifices in the past year due to work pressures, and 38 per cent have cut their holidays short. What’s even more concerning is that 27 per cent admitted to going without any pay in the past 12 months, whilst 16 per cent say they have taken no holiday at all.
With all this in mind, it’s hardly surprising that two fifths (39 per cent) of SMEs say they regret starting their business, with 12 per cent saying that it has taken more time and effort than they ever anticipated, and 11 per cent feeling they are nowhere near as profitable as they would hope to be at this stage in their business lifecycle.
With UK inflation cutting disposable income, the weaker pound and a business landscape fraught with uncertainty, it is understandable that business owners are concerned. However, due to the size and nature of their businesses, SMEs have the advantage of being able to be flexible and quick to respond to changing market conditions.
The key is to partner with the right specialist adviser who will guide you on your strategy and assist in making those all-important business decisions that will have the greatest impact on future success.
At Beavis Morgan, we know that running your own business really can be very rewarding, provided the right structures are in place. We are well versed in working with SMEs and owner-managed businesses of different sizes across a range of industry sectors, so you can rely on our detailed understanding of the specific kinds of issues that can arise, and you can count on our expertise and ability to provide the right solutions.