More than three in four small business owners (76%) say business worries keep them awake at night. Whilst sleepless nights are most prevalent among owners of businesses that in serious decline (96%), the new research from Hitachi Capital Business Finance found that even those predicting growth for their business admit
The new research from Hitachi Capital Business Finance found that the late payment crisis is so bad that 27% of UK small business owners are forgoing paying themselves a wage so they can pay their staff on time. The research also revealed that 52% of small business owners are experiencing
A survey that was taken recently strongly indicates that a number of small business owners are not doing their part in protecting their employees from certain gas safety risks. One of the most recent surveys that was done revealed that 17 percent of small businesses do not regularly service their
BDC 319 : Aug 2024
More than three in four small business owners (76%) say business worries keep them awake at night. Whilst sleepless nights are most prevalent among owners of businesses that in serious decline (96%), the new research from Hitachi Capital Business Finance found that even those predicting growth for their business admit they seldom get a good night’s sleep (84%). The Business Barometer findings come at a time when concerns have risen over the mental health of small business owners across the UK, with reports of anxiety and depression rising at the end of last year. Hitachi Capital’s study reveals that it’s not just businesses that are already struggling that have nightmares, fast growing ones are just as likely to be taking their business worries to bed with them (84%) – they just have different nightmares. For small companies predicting growth over the spring and summer months, red tape (40%), compliance (28%) and dealing with skills gaps in a growing workforce (20%) were their top concerns. For those decision makers expecting their business to decline, the key worries related to market uncertainty (44%) and how to retain business (26%). The Business Barometer survey – which has now run for five years – asked 1,177 small decision makers to share some of the issues that they were currently worrying about and kept them awake at night. The biggest worriers London emerged as potentially the worst place to run a small business in terms of sleepless nights, with almost nine in ten business leaders in the city (87%) saying business worries kept them awake at night. Those in London were most likely to start the working day with bags under their eyes in the country – with night-time business worries in the capital rising by 14% since the start of 2018. Retail was the sector most likely to give business owners nightmares. More than four in five small business owners (87%) within the retail sector admitted to being kept awake at night by business concerns – rising from 75% a year ago. Others sectors where entrepreneurs were more likely to experience sleepless nights included transport (78%, up from 69% at the start of 2018), real estate (80%), and education (76%). Resting easier The Business Barometer also indicates not all owners have been letting their business concerns come to bed with them. Entrepreneurs in Yorkshire reported getting a better night’s sleep over the course of the 12 months (31%, Q1 2019 vs. 25%, Q1 2018).
The new research from Hitachi Capital Business Finance found that the late payment crisis is so bad that 27% of UK small business owners are forgoing paying themselves a wage so they can pay their staff on time. The research also revealed that 52% of small business owners are experiencing pain because their customers and suppliers are not paying their bills on time. At a time when there are calls for the Government to do more to tackle the late payment crisis that hits small businesses particularly hard, the Hitachi Capital research reveals that 63% of SMEs are dealing with late payment and this is having a profound impact on their ability to conduct business. “The industry and policy makers have been aware of the late payment issue for some time but our new research offers insight on its impact on small businesses. It’s gone well beyond being an inconvenience: late payment is putting jobs at risk, damaging the supply chain – and when small business owners have to sacrifice their own monthly paycheck you know the pain is really hitting home,” said Gavin Wraith-Carter, Managing Director at Hitachi Capital Business Finance. Key findings: More than two in five small businesses that were struggling to survive said they were unable to pay their suppliers on time (43%). A further 29% said that late payment issues was having an adverse a knock-on affect on their long-term relationships with suppliers and customers. Chasing and covering late payments was also taking up unnecessary time and money. More than a quarter of respondents (26%) said they had wasted time and legal fees chasing up late payments, diverting significant time from running their business. With cash flow and cost control a top issue for small businesses over the summer months, almost a third of small businesses polled (31%) said they had incurred bank charges and fees for having to secure bridging finance or short-term borrowing to cover the black hole left by late payment. Those respondents that said their business was struggling to survive were twice as likely to get behind with HMRC payments as a result of late payment (23%) – and they are almost three times as likely as the UK average to say they had been forced to make staff redundant (14%).
A survey that was taken recently strongly indicates that a number of small business owners are not doing their part in protecting their employees from certain gas safety risks. One of the most recent surveys that was done revealed that 17 percent of small businesses do not regularly service their appliances, and that just one in five of these businesses claim that they have had problems with these issues recently. Perhaps one of the more concerning aspects of this survey is that a total of 40 percent of small businesses say they would turn off the electricity on their premises if they were to smell gas. A few of the businesses involved in this survey said they would attempt to find the cause of the gas leak, and only a couple stated that they would completely close the building in an attempt to contain a possible gas leak. The survey in question was performed as part of Gas Safety Week, which serves as a way to raise awareness about a number of problems that can arise from a lack of gas safety in homes and workplaces. Over 500 different senior managers of small businesses were interviewed in this survey, and a total of 20 percent said that gas safety related problems had caused issues such as gas leaks and lost income. It has been firmly established by dozens of professionals that failing to get annual gas safety checks and strictly adhere to certain rules can put dozens or even hundreds of lives in a workplace at risk. These professionals have been urging small businesses to install carbon monoxide detectors on their premises. They have also been encouraging these businesses to routinely check around their gas and water boilers for signs of staining or discoloration of any kind to avoid major safety issues in the future. Employers are legally required to submit to annual gas safety checks under the Health & Safety at Work Act, but it seems as though a significant number of them are having difficulties with understanding the necessary safety requirements. Research has revealed that almost half of the businesses in a recent study find the safety regulations they read to be highly confusing, and that they would gladly accept help in understanding them more. Professionals have been telling small and medium-sized businesses that they need to be aware of when their heating systems need to go on and off, and that it is something that’s based on the heating requirements of the business. Another tip that professionals have been emphasizing the importance of is that businesses should have a maintenance contract with a reliable company that responds to calls promptly. Businesses that fail to get their boilers fixed quickly put the health and safety of themselves and their employees at risk. These recent surveys and studies have revealed just how serious the problem is with regards to small businesses and gas safety, and a big part of the problem seems to be lack of knowledge.
