Over half (56 per cent) of all small business owners and managers in the UK are vowing to devote more time to family life during the next 12 months, according to Bibby Financial Servicesí annual survey of entrepreneurís New Yearís resolutions for 2004, launched today (16th December).
The findings are in direct contrast to the views of the business sector last year, when the top New Yearís resolution for the UKís small business owners and managers was to identify new markets for their products and services.
The focus on home life is underlined with 46 per cent of owners and managers pledging to work shorter hours in 2004, demonstrating a resolve to get the work/life balance right.
Financial pressures are also a concern as the new year dawns with 54 per cent of respondents resolving to improve their cash flow management in the coming year, reinforcing the central role that finance plays in achieving business success. This suggests that firms are looking to ensure they have a sufficiently smooth flow of cash to take advantage of the current stable economic conditions and grow their business in 2004.
These results come at the end of what has been a turbulent time for British business following the war in Iraq, the threat of terrorist attacks and the uncertain state of the UK economy. This yearís one per cent rise in National Insurance Contributions, not to mention the announcement that the National Minimum Wage will increase to 4.85 in 2004 and the possibility of a further rise in interest rates has done much to fuel business ownersí and managersí fears.
With the number of business failures growing by more than 10 per cent since last year, it is hardly surprising that the business sector is cautious about what lies ahead in 2004.
Investment looks set to decline in the coming months with only 34 per cent planning to invest in marketing or promotional activity in the next year. Business owners and managers are also less likely to be planning investments in technology or plant and machinery than at any time in the previous 48 months.
Manufacturing firms are the most likely to want to identify new markets for their products and services (84 per cent) next year. This suggests that with order books increasing and the UK economy on the up, manufacturers are feeling more confident about the year ahead.
Commenting on the results, David Robertson, Chief Executive of Bibby Financial Services said, ìThe problem with New Yearís resolutions is that generally speaking, people, no matter how well-intentioned, do not tend to stick to them. That is if the hundreds of people paying out for Gym membership in the first weeks in January is anything to go by! The fact that owners and managers are vowing to spend more time with their families and work shorter hours in the coming year is commendable and provides a useful snapshot of just how entrepreneurs are feeling following a difficult trading year. But it remains to be seen just how many owners and managers will manage to keep this particular resolution.
ìThe fact that managing cash flow is a key business priority for owners and managers in 2004 and is the second most popular New Yearís resolution is encouraging. It is more important than ever that owners and managers of small and medium sized businesses recognise the value of having a sound financial base and a strong cash flow. Now is the time for businesses to reassess existing financial structures and ensure that the best possible cash flow solutions are being adopted.î
UK bosses prioritise family life in New Yearís resolutions
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