When the recession first hit, it was feared that the lack of available finance to help fund company formation and the growth of the small to medium enterprise sector, would be the biggest challenge facing the small business sector.
However, in a recent report , which asked over 5,000 small business owners, ‘what were their hopes for 2010’, over 70% said they hoped the UK’s economy would improve, while only 10% stated that they hoped the banks’ situation would improve and, subsequently, there would be an increase in the finance available to small businesses.
The report also found that the recession was putting a large amount of pressure on small business owners, as almost 22% commented that their 2010 wish was for a better work/life balance.
Philip Brodie, business watchdog, is unsurprised by the results of the report. He comments; “2009 will go down in history as having some the worse economic conditions the UK’s economy has ever seen. It comes as no surprise to me that the UK’s small business owners wish for improvement in these conditions rather than a greater access to finance.”