NatWest-Top challenges faced by British business owners.
British businesses retain a healthy appetite for growth, with two-thirds of business owners looking to grow their businesses (67%).
This is despite three in five British business owners finding 2023 one of their most challenging years - citing the cost-of-living crisis and energy crisis as key factors
77% of business leaders agree it's worth putting in the hours now so they can continue to grow their business
And 92% have taken steps to reduce their stress in the workplace - including making healthier lifestyle choices and taking short breaks throughout the day
Infographic available to download here: Top 10 challenged faced by businesses infographic
Business owners have felt the pressure this year, with three in five (59%) saying they found 2023 one of their most challenging in business. As Global Entrepreneurship Week kicks off, the new research from
The survey also reveals that many British businesses are showing a healthy appetite for growth. Two thirds of British business owners surveyed (67%) reported that they looking to grow their business, by focusing on areas including product diversification (27%), market expansion (27%), their digital presence and e-commerce (26%), and financial management (27%).
Generating new business therefore tops the list of the biggest challenges to business owners, and though 89% think it's important to have strong pitching and presenting skills, nearly six in 10 (59%) business leaders admit to feeling nervous when doing so in front of people in a working environment - with over half (55%) saying their business would have benefitted if they'd been taught public speaking as a child.
The
Generating new business
Rising operational costs
Balancing work and personal life
Cost reduction
Keeping up with technological advancements and digital trends
Competition from other businesses
Cash flow problems
Managing mental and emotional wellbeing
Hiring and retaining skilled employees
Supply chain
Nearly a quarter (24%) say they also have or would like to seek support on generating new business, with other key areas business leaders are looking for advice on being rising operational costs (21%), cost reductions (19%), cash flow problems (19%) and keeping up with tech advancements and digital trends (17%).
77% of business leaders admit to regularly losing sleep in their role, over a third (39%) often find themselves working beyond normal working hours, and 34% have to take work calls on the weekend.
But despite this, almost half (49%) agree that running their own business gives them more freedom to spend their time as they like, with a further 77% stating that it's worth putting in the hours now so they can continue to grow their business.
To support their growth, over a third (36%) of business owners would consult a bank or financial advisor, alongside a professional advisor or consultant (46%) and an industry peer (32%) - with three in ten (30%) turning to their family and a quarter (25%) to their friends, though nearly one in ten (9%) would even consult a stranger such as a taxi driver or bartender.
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'At NatWest, we have revolutionised the way we support entrepreneurs in recent years, bringing mentoring, insight and bespoke coaching to them through the NatWest Entrepreneur Hubs. Whatever the size of your business, if you're just starting out, already growing fast or even thinking about scaling, our support could help you get there, and help you overcome those challenges, faster.'
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