Businesses in the North West fear they may have to shut down

March 2015

Businesses in the North West fear they may have to shut down: A recent survey by SwitchMyBusiness.com, which surveyed small business owners throughout the United Kingdom, has found that 45 per cent of the North West respondents are worried that they may need to shut their business down, if things don’t improve for their company.

The survey also found that 93 per cent of small businesses would like a change from the current UK government.

45 per cent of the businesses surveyed also claim that they do not think the Conservative party empathise with the financial pressures, small businesses have to cope with.

The research also found that 39 per cent of small businesses in the North West would like business assistance from the next government, after the election in May.

A third of the respondents said that they would like more funding and grants for their business, and 14 per cent claimed that their bank balance could only fund them for 1 to 3 months, meaning they would have to close down.

A further 25 per cent claim their business will not survive the next 6 months.

Owners of small businesses also claim to be suffering health problems due to their stressful lifestyle. For example, 15 per cent say that their health is deteriorating due to eating convenience junk food. 

18 per cent of the respondents expressed that their health was in a bad way due to stress – most likely a result of the pressures of owning a business.

Many small business owners claim that they have sleep troubles.

Of the respondents in the North West, 83 per cent admit that due to the responsibilities of owning a business, they do not have as much time for their family and friends.

The report highlights the top worries for business owners – the biggest of which is cash flow; with 43 per cent of small business owners admitting to fretting over their bank balance. Closely following cash flow troubles are; late payments (31 per cent), utility bills (25 per cent) and insurance prices (21 per cent).

SwitchMyBusiness.com has compiled a small business election manifesto as a result of the findings of the survey, which lists areas which small business owners would like the next government to focus on.