Two thirds of Britain’s small business owners say the last two years have been the most challenging since they started their venture.
However, PayPal’s annual Business of Change report, this year focusing on Wellbeing & Empowerment’, revealed nearly half fear the next 12 months could prove even more difficult.
Surveying small business owners nationwide, PayPal’s report revealed three quarters believe the immediate cost-of-living crisis to be the biggest threat to their business given the lack of consumer spending and hefty fuel price increases.
Other challenges include maintaining a steady cash flow, managing their own mental health and coping with the increase in cost of raw materials. Given this perfect storm, more than a quarter of SME owners say they are not sure that they will even be in business in the next 12 months.
UK entrepreneurs’ financial wellbeing takes a hit in 2022
Running a business at the best of times isn’t easy. In fact, three in five small business owners agree that it’s stressful. But factor in the economic pressures on inflation, supply chains and the cost-of-living, more than half of SMEs are now concerned for their future.
To keep their business afloat, SME owners are working weekends, going six months or more without taking a much-needed holiday and a third are even working seven-day weeks on a regular basis. The stress and worry of running a business is keeping 62 per cent of SMEs awake at night, leaving a third feeling alone and isolated due to there simply being too much going on in the world for them to process.
The result? Poor financial wellbeing, evident by the quarter of SMEs ignoring the financial health of their business fearing what the true picture is with nearly half admitting they do not have an emergency fund set aside to manage any unexpected costs.
Taking back control: key to financial wellbeing and navigating the cost-of-living crisis
The challenges of the last two years have forced many SMEs to get on…
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