Over a quarter of business owners (26%) are focusing on their online e-commerce presence, and adapting to new and emerging technologies – in order to grow their enterprise, according to research.
Nearly half (46%) of owners and CEOs would turn to professional advisors or consultants to support their business growth, while 36% would talk to a bank or financial consultant, and 32% would go to an industry peer.
However, family and friends also ranked highly for those seeking business support (30%, and 25%, respectively). And one in ten business owners (9%) would even open up about such matters with a stranger, such as a bartender or taxi driver.
The survey of 500 adults, who run a business, found that six in ten named 2023 as one of their most stressful years yet – with over three-quarters losing sleep worrying about their company.
Generating new business topped a list of the biggest challenges they have faced – followed by rising operational costs, and balancing work with their personal lives.
Meanwhile, 39% are regularly working beyond normal working hours, and 34% are sacrificing their weekends taking work calls.
It also emerged that, despite 89% believing it’s important to have strong pitching and presenting skills, 59% admit they feel nervous when doing so. And over half (55%) feel their business would have benefitted if they had been taught public speaking as a child.
James Holian, head of business banking at NatWest, which commissioned the research, said: “We know that helping business leaders succeed – not just through traditional banking services, but with full wraparound business support – is crucial if we want a strong small business sector.
“While it’s never easy running a business, with the right support, we can assist businesses in overcoming challenges, and help to drive their business forward.”
The study also found 45% have contended with the rising cost of living, with one in three struggling with the ever-increasing price of goods and services within their company – and the energy crisis has had an impact on 28%.
But the majority (92%) have taken steps to reduce their stress in the workplace – including making healthier lifestyle choices, and taking short breaks throughout the day.
The research, conducted via OnePoll, also revealed 77% feel putting up with the stress of running a business is worth it to grow the company. And to expand their enterprise, 27% of business owners and CEOs are focusing on product diversification.
James Holian, from NatWest, which has helped 35,000 individuals and businesses through schemes like its Entrepreneur Hub, added: “Whatever the size of your business – if you’re just starting out, already growing fast, or even thinking about scaling – support could help you get there, and help you overcome those challenges, faster.
“This is why we have revolutionised the way we support entrepreneurs in recent years, bringing mentoring, insight, and bespoke coaching to them.”
TOP CHALLENGES FACED BY BUSINESS OWNERS IN 2023:
- 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
