Cash flow topped the list of concerns for entrepreneurs in the new year, according to a survey.
The survey, by Bibby Financial Services, shows that 64 per cent of small business owners and mangers in the UK vow to improve their cash flow.
This represents a 10 per cent increase on the figure last year, which Bibby believes is a reflection of the ‘up and down’ year for many small businesses, which have experienced rising costs such as rising interest rates and minimum wage hikes.
This years figures are in contrast to those of 2003 when the top new years resolution of business owners was to devote more time to family life, at 56 per cent, now at 53 per cent.
David Robertson, chief executive of Bibby Financial Services, said: “This suggests the business sector is feeling somewhat cautious about what lies ahead in the year to come in light of recent interest rate rises and the subsequent slow down in the property market.”
Other concerns among entrepreneurs were the skills gap, with 59 per cent of owners vowing to develop the skills of their workforce in the next twelve months.
However, despite such concerns, only 37 per cent plan to invest in training or further education for their staff in 2005.
55 per cent of bosses plan to identify new markets for their products and services, with cautious optimism among owners and managers in this area as the new year approaches.
Robertson said, “As we head into 2005, there has never been a better time for entrepreneurs to reassess their existing financial structures and ensure the best possible cash flow solutions are being adopted.
“With owners and managers pledging to look after their finances better, improve the skills of their workforce and at the same time, identify new markets for their products and services, it looks as though entrepreneurs are going to be very busy in the coming months.”
