SME bosses feeling pressure of tough economy

MORE than half of SME owners and senior managers in Yorkshire say their personal lives continue to be negatively impacted by the recession, with 22% believing the situation has worsened in the last year.

Six years on from the start of the financial crisis, figures drawn from the latest Close Brothers Business Barometer reveal that of those affected, 31% are experiencing more stress, 45% believe their work-life balance has deteriorated and 11% are unable to sleep well.

Regional sales director for Close Brothers Invoice Finance in Yorkshire and Humber, Lee Hayes, said: “Despite recent signs of economic growth, our findings suggest that the difficulties of the last few years are really taking their toll for bosses on a personal level.

“More than a fifth of local SME owners confirm that their biggest worry in relation to their business is managing their cash flow, so it’s important that these businesses are aware of the full range of funding options available to them.”

“Innovative financial solutions such as invoice finance and asset based lending allow firms to raise cash in a short period of time against the value of unpaid invoices or assets, such as property and stock. The resultant cash flow boost can not only help firms take advantage of growth opportunities, but more importantly, reduce stress caused by financial worries,” he added.