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News Release from: Bibby Financial Services | Subject: 2005: the year of survival
Edited by the Buildingtalk Editorial
Team on 05 January 2006
2005: the year of survival
For the UK's small business owners and managers last year was all about survival, according to new research.
For the UK's small business owners and managers last year was all about survival, according to new research launched today by Bibby Financial Services, which reveals that one in 10 companies' biggest achievement in 2005 was simply to remain trading However, the pressure to survive has clearly taken its toll on the work life balance of Britain's entrepreneurs with almost a third of businesses (29%) reporting their greatest regret of the year was not taking enough time out for non-work interests, such as spending time with the family
This article was originally published on Buildingtalk on 6 Apr 2005 at 8.00am (UK)
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Looking forward to 2006, a quarter of businesses said they would be happy simply retaining their status quo and maintaining sales levels in 2006.
Of those owners and managers aiming to increase sales turnover, (33%) cite it as their biggest challenge for the year ahead.
The results also reveal that the ongoing pressure of Government red tape still remains a major burden for entrepreneurs, with a third (33%) of UK's business owners and managers reporting it as their main barrier to growth during 2006.
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However the Government should take some comfort in the fact that this is a vast improvement on results from last year's report by Bibby Financial Services which found nearly three quarters (71%) of entrepreneurs felt this to be the biggest hurdle for the UK small business community.
The research also found that after a year when many of Britain's larger companies were being snapped up in foreign takeovers, small business owners and managers were also becoming concerned about increased competition from overseas businesses and this was recognised as being the biggest challenge in 2006 for 30% of owners and managers interviewed.
David Robertson, chief executive of Bibby Financial Services, said: "Its clearly been a tough year with consumer spending dampened significantly by the cooling property market, the higher personal debt burden, and the manufacturing industry suffering from high energy prices and falling orders.
As the Christmas cheer wears off many small firms are bracing themselves for a demanding 2006.
"But it isn't all doom and gloom as there are signs that many small businesses have laid down strong foundations for the year ahead.
Major contract wins were the biggest achievement for 20% of businesses last year, and one in five owners and managers were making sound investments in their business.
By strengthening their position and developing good platforms to develop from, these businesses will be able to meet the challenges of 2006 head on.
However all owners and managers need to ensure they are in top financial shape, with a strong cash flow in place to take advantage of the opportunities when they present themselves as well as weather any potential downturns.".
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