Member Article

Two thirds of SMEs in the North West feel lonely

Two-thirds (62%) of small business owners in the North West admit to having felt lonely whilst running their company, according to new research launched today by Ultimate Finance, the independent funding partner to SMEs.

Although this is below the national average of 73%, these figures still highlight that the majority of SMEs in the region are feeling isolated. On a broader level, this research paints a worrying picture of widespread feelings of isolation throughout the business community, as small businesses account for 99.3% of all private sector businesses.

The research also pointed to a larger challenge of support in the UK, with over three-quarters (77%) saying that there is not enough support in the UK for SMEs looking to expand, a figure significantly higher than the national average of 60%.

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: “Although respondents in the North West are less likely to feel lonely compared to other regions, it’s worrying that over half still feel this way. 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 will be creating 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 .