Member Article

North-West businesses fear closure

In the run-up to the 2015 election, a new survey conducted by SwitchMyBusiness.com has showed that 93% of small businesses across the UK want change from the government.

And in the North West, almost half of small business owners have said they would consider shutting down if things don’t improve for their businesses.

A recent survey conducted by the business energy compare and switch site, SwitchMyBusiness.com, found that 45% of small business owners in the North West don’t believe that the Tories fully understand the financial pressures they face, with 45% saying they would have to shut their business if their circumstances didn’t improve.

With the general election only a few months away on 7 May, the small business survey showcases the struggles small business owners face in the current economic climate.

North West businesses want more government support

According to the research, 39% of North West small businesses owners want help from the next government; a third want more funding and grants and shockingly, 14% said they could only survive for one to three months based on their current bank balances.

The survey which questioned small businesses across the UK found that a quarter of small businesses will not survive the next six months. Many small business owners admitted that along with the financial worries, they were also suffering with health problems due to convenience junk food (15%), stress (18%) and lack of sleep.

A massive 83% of North West business owners said they now have less time for their family or friends since they started their business.

The top worries for small business owners include cashflow (43%), late payments (31%), utility bills (25%) and the cost of insurance (21%).

Ivan McKeever, CEO of SwitchMyBusiness.com said: “The picture from UK small business owners is clear; they want change from the government and they want more help. Small businesses are the forgotten younger brother of the big corporates and we want them to have a voice and get heard. This is why we’ve put together the small business manifesto so as we head into election ‘promise’ season, the political parties will stand up and take notice.”

As a result of the survey findings SwitchMyBusiness.com has created a small business election manifesto. It states key areas that small business owners want the next government to focus on.

Small business manifesto: #whatbizwant

• 34% want a reduction in business rates

• 30% want an increase in funding and grants

• 27% support higher tax free allowances for small businesses

• 25% want harsher penalties for businesses that pay them late

• 25% support an introduction of a loan scheme similar to student loans scheme with extra time before they need to pay it back

• 22% want access to affordable superfast broadband in more areas of the UK

• 21% want government help with utility bills and complying with HR laws and other legal regulations

SwitchMyBusiness.com has also launched a competition for small businesses to coincide with the launch of the #whatbizwant manifesto. It gives small businesses the opportunity to win £300 in vouchers to be spent on an online virtual assistant. Businesses can enter by visiting the SwitchMyBusiness.com Facebook page.

This was posted in Bdaily's Members' News section by Kathryn Roberts .