Member Article

SMEs in North East among loneliest in UK

Small business owners in the North East region are among the most likely to suffer from loneliness, with 80% admitting to feeling isolated compared to the national average of 73%, according to new research by Ultimate Finance, the independent funding partner to SMEs.

Loneliness has recently been identified as potentially fatal, with lonely people 30% more likely to suffer from a stroke or heart disease (two of the leading causes of death in Britain), according to a study by the University of York.

Signalling a worrying trend, the North-East joins other Eastern regions of the UK as the loneliest for SMEs, with small business owners feeling as much as 20% more isolated than their peers in the west of the country.

As well as being among the loneliest, SMEs in the North East are also the least likely to know where to turn for help in England, with over three quarters (77%) of North East-based SMEs saying that they have not known who to talk to when things have got tough. 80% also stated that they did not feel that there is not enough support available in the UK for those looking to expand.

This suggests not only that the business community is not benefiting from the recent increase in mental health awareness and services on offer in the UK, but the issue of loneliness is being compounded by a lack of advice and business resource for those looking to grow. Given that SMEs account for an estimated 99% of all private sector businesses in the UK’s economy, this is a huge cause for concern.

Alongside current economic uncertainties, business owners’ concerns about meeting customers’ needs, business strategy, access to funding and maintaining a healthy cashflow are leading to a huge amount of pressure within SMEs, particularly among those striving to grow and succeed.

Steve Noble, Chief Operating Officer at Ultimate Finance commented: “It’s hugely concerning to hear that small business owners in the North East, and Eastern regions overall, are among the most lonely in the county.

I talk to business owners around the UK every day, and this research backs up what I already know – that they are feeing stressed and isolated. Although these feelings can be an unavoidable reality of running a company, it’s clear that more help should be available.

“SMEs are a hugely valuable part of UK society, not only boosting the economy but contributing an enormous amount to local communities. We need to start taking better care of our business community and supporting the leaders who are working around the clock to succeed.”

Business psychologist Robert Stewart added: “I find business leaders often take on a huge amount of responsibility and can struggle to maintain a personal and professional balance in life. It’s really positive to see research that highlights this issue and I would encourage the business community to come together in order to create a better network for SMEs experiencing these challenges.”

Business owner and founder of Vivid Drinks James Shillcock, commented: “In the first couple of years of running my own business, I was working incredibly long hours. I put a lot of pressure on myself and without a team you can quickly feel isolated. Asking for support or advice shouldn’t be seen as a sign of weakness – it’s important to keep talking to your network; employees, family and friends about how you’re feeling.

“Isolation and lack of support can stop you performing at your best, which has a knock-on effect on your employees and business. Entrepreneurs have to be proactive but there should be more support available to founders who want it.”

To support these efforts, Ultimate Finance has created its own information hub with guidance from health experts and insights from experienced SME owners to support those in need of help.

Please visit the Ultimate Finance website to find out more.

This was posted in Bdaily's Members' News section by Ultimate Finance .