In fact, a third (36 per cent) of small business owners are refusing to let the recession get them down, saying it has had no impact on their personal lives, according to new research from leading independent financier Bibby Financial Services.
The research demonstrates how many of British business owners are standing firm in face of adversity, managing their business as they have always done and ensuring their personal lives do not suffer too much as a result:
- 49 per cent are refusing to cut out luxuries, such as blackberries or company cars, which they clearly see as essential
- 63 per cent are continuing with holiday plans or other time off
- 67 per cent are not getting any less sleep
- 70 per cent are not seeing any less of their family
- 78 per cent are maintaining a healthy lifestyle
- Just 14 per cent are drinking more alcohol
Edward Rimmer, chief executive UK and Ireland for Bibby Financial Services said: “Some might consider a Blackberry or company car a luxury but for many business owners today these are simply essentials which are helping with the day to day running of their business.
“Whereas previously business owners may have been prepared to neglect their personal lives in order to sustain their business, these days they recognise the importance of trying to maintain some sort of work life balance, instead seeing time away from the business, such as holiday, as a tool to help them survive.
“However, while it’s good to see business owners remaining positive, they also need to be prudent financially to get through the downturn and not completely throw caution to the wind. With 69 per cent of business owners now scrutinising finances more carefully it’s clear cash flow remains king. Luckily there are still plenty of ways for business owners to stay on top of cash flow issues and ensure those close to them don’t suffer in the process.”
Indeed, all but 15 per cent of business owners polled say they have learned something new from the experience of this recession. Thirty five per cent have learned to keep a closer eye on cash flow; 18 per cent have learned to plan better for the future and 17 per cent say they have become more shrewd.
Rimmer concluded: “Given the figures show most business owners are learning and developing new traits and skills from this recession, once current cash flow issues begin to ease we should see the emergence of a new nation of stronger business owners – hopefully ones whose families don’t become too neglected in the process.”
Unlike many other institutions and banks which are tightening their belts to cope with the current economic climate, as the largest independent invoice finance provider in the UK, Bibby Financial Services is very much open for business. It is on hand to provide flexible cash flow funding solutions and is currently helping more than 3,000 businesses, handling client turnover of more than £3.9billion and advancing over £300million to help small and medium-sized firms realise their potential.