Interviews

Small businesses' biggest concerns revealed

1 min read

23 June 2014

New data has shed light on the concerns of small businesses today. The results of a survey conducted by Neuroscientist Dr Lynda Shaw looked in the emotions, habits and fears of young business owners.

Shaw found that most people in her survey – 63 per cent – felt confident about the future, and this was coming at a time of growth in the UK economy. She then found that around the same number, 65 per cent, were acting on this good feeling and make plans for the future.

She warns that companies will have to adapt with ever-changing technologies if they want to take advantage of future opportunities. “It’s important for small businesses to stay ahead of the game when there are rapid advances in technology which can help the business grow,” she said.

“New advancements and challenges also keep the brain and the business fresh.”

When they were asked about how they feeling about their own business, they responded mostly positively about how they felt about their marketing strategies, presenting skills and social media presence. However, only 42 per cent were felt good about their sales; 35 per cent were anxious about them.

Accounting seemed to be a big problem for a lot of people. Almost half of the respondents said tax and accounting were issues for them. 23 per cent said they felt actually anxious about it.

Meanwhile, 84 per cent felt good about people management. Shaw says a key to company growth is keeping employees happy and, thankfully, that’s what many company’s feel they excel at.