What keeps small business owners awake at night!

Despite the enterprise culture of the UK attracting record numbers of entrepreneurs last year, this doesn’t prepare people for the sleepless nights when it actually comes to running their own company. With one in ten small business owners waking up every night worrying about some aspect of their business, entrepreneurs are calling on the Chancellor to give them back their sleep as part of his Spring Budget.

The Barclays study found that the biggest worries keeping owners awake at night were cash flow (43 per cent) and employee issues (31 per cent).

Other concerns keeping them awake at night included work life balance, keeping up with new regulations and how best to finance their business. The study also revealed that more than a third (36 per cent) of business owners are burning the midnight oil at least 3-4 times a week, with entrepreneurs in the North West, Yorkshire and Humberside working the latest into the evening.

Louise Fowler, marketing director small business says, “These figures are startling and with the economy expected to slow this year small business owners will have to work harder to get business in. A relationship managed service from their bank should help to alleviate the biggest headache of cashflow and to help with HR issues its worthwhile businesses using supporting software to help increase the number of hours sleep they get each night.”

Other key findings from the research:-

• Despite being sleep deprived the nation’s business owners are entrepreneurial even whilst asleep with 42 per cent saying they had woken up with an inspirational idea and with 30 per cent of those thinking the idea was so good that they had to write it down.

• Small business owners in the West Midlands tend to worry more compared to the national average with nearly two in ten waking up each night and 44 per cent having disrupted sleep up to once a week (national average 22 per cent).

• The industries which impact the most on sleeping patterns are hotels and catering with three in ten waking up every night of the week worrying.

• North West business owners worry twice as much about cash flow than their neighbours in Yorkshire (65 per cent compared to 27 per cent).

• But there is comfort from those business leaders who have been in business since the eighties – they are far less likely to worry about cash flow compared to their fellow peers who have just ventured into business (26 per cent compared to 55 per cent). Showing that experience allows you to sleep easier at night. Tips to help you get a good nights sleep:

• Review your accounts - it is a good opportunity to make an appointment to meet your small business relationship manager to discuss your finances. Barclays have a dedicated small business manager service at more than 1500 branches throughout the UK.

• Review your contracts and suppliers – check you are getting value for money and review the level of service you have received by suppliers over the past year. Can you do better elsewhere?

• Attracting new customers –look at the customers you have gained over the year and what has worked well. Remember to look out for Barclays free seminars in the New Year which will guide you on how to get the best out of your marketing.

• Work life balance – this is always a difficult one but leisure time is essential for re-charging those batteries. Ensure that you actually reserve time in your diary to spend away from the business.

• Employee’s issues – reflect on the issues that have arisen over recent months - were they resolved satisfactorily – remember a happy workforce is a productive workforce. Barclays provides software to guide you on all areas of HR.

• Review how best to deal with administration and compliance - look for software to support administration and compliance.