East Anglia: Recession still taking its toll on personal lives of SME owners, says survey
- Credit: Archant
More than half of East Anglia’s Small and Medium-sized Enterprise (SME) owners say their personal lives are continuing to suffer as a result of the recession.
According to the latest Business Barometer survey by invoice finance specialist Close Brothers, 58% of SME owners say their life is still being negatively impacted in some way.
Six years on from the start of the financial crisis, the survey shows reveal that of those affected, 24% are experiencing more stress, 24% believe their work-life balance has deteriorated and 21% are unable to sleep well.
Andy Sopp, regional sales director for Close Brothers Invoice Finance in East Anglia, said: “Despite recent signs of economic growth, our findings suggest that the difficulties of the last few years are really taking their toll for bosses on a personal level.
“28% of local SME owners confirm that their biggest worry in relation to their business is managing their cash flow, so it’s important that these businesses are aware of the full range of funding options available to them.
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“Innovative financial solutions such as invoice finance and asset based lending allow firms to raise cash in a short period of time against the value of unpaid invoices or assets, such as property and stock. The resultant cash flow boost can not only help firms take advantage of growth opportunities, but more importantly, reduce stress caused by financial worries,” he added.
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