Entrepreneurs spent £16bn of their own money to save their businesses
 Entrepreneurs have pumped a staggered £16bn of their own savings to help their businesses through the last year – coining the phrase ‘piggybank recession’.The survey by the specialist insurer Hiscox provides the first detailed account of the personal toll that the economic downturn has taken on the country’s small business owners.Key findings - One in five (20%) SME bosses took the decision to invest, on average, £17,030 of their own savings while one in three (34%) slashed their own salary to improve cashflow
- A third (33%) of SME bosses increased their working hours by, on average, 12.5 hours a week- Two in five (38%) business owners have suffered from stress, and a quarter (24%) have been unable to sleep due to worrying about their businesses- One in ten (13%) admits that their marriages suffered due to the pressure on their business- A third (34%) of the SME owners cut their own salary but just 10% cut the salaries of their senior staffExpectations of 2010 are now cautiously optimistic with over half (55%) of the bosses asked feeling positive about the year ahead, and a quarter (25%) of them planning to expand their businesses in 2010. |
Comments feed
