By Marcus Leach
Over a quarter (27%) of small business owners consider their company to be in ‘poor health’, according to a survey.
Small businesses are increasingly feeling the pressure from the UK’s faltering economic conditions, with one-in-three business owners surveyed stating that their company is now in a worse position than this time last year.
Interestingly, the businesses surveyed stated that an inability to secure funding was not the major issue hurting their company at the moment.
Just 13% of respondents surveyed by SMEDiscounts.com stated funding was their main concern - far more prevalent were issues involving reduced turnover and weaker pricing, with 38% and 35% of those surveyed stating these were the most significant factors.
However, one-in-ten small businesses stated that an inability to secure funding was proving a serious threat to their business.
Confidence in the UK economy going forward is mixed, with the survey showing that two thirds (66%) of SMEs surveyed believe the economy is not yet past its worst, with the remaining third holding a more positive outlook.
Andries Smit, Founder, SMEDiscounts, comments:
“As a small business ourselves we are well aware of the pressures facing SMEs and sole traders in the UK at the moment.
“Small businesses are suffering. This is evident from the poor health the respondents to our survey describe. Those who lack a great product or innovative approach are not going to be able to climb out of the rubble left behind by the economic implosion of recent years.
“The key question to ask is: are the two-thirds of businesses that think the worst is still to come doing enough to weather the looming storm?”
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