Introduction
More than three-quarters of business owners are losing sleep worrying about their company, according to a recent poll. The study, which surveyed 500 adults who run a firm, also revealed that 2023 has been one of their most stressful years yet.
The Biggest Challenges
Generating new business tops the list of the biggest challenges faced by business owners, followed by rising operational costs and balancing work with personal lives. Additionally, 39% of business owners are regularly working beyond normal working hours, while 34% are sacrificing their weekends taking work calls.
Nervousness and Public Speaking
Despite 89% of business owners believing that strong pitching and presenting skills are important, 59% admit to feeling nervous when doing so. Interestingly, 55% feel their business would have benefitted if they had been taught public speaking as a child.
Reducing Stress
A majority of business owners (92%) have taken steps to reduce their stress in the workplace. This includes making healthier lifestyle choices and taking short breaks throughout the day.
Growth Strategies
To expand their enterprises, business owners are focusing on product diversification (27%) and their digital e-commerce presence (26%). Additionally, 26% are exploring how they can adapt to new and emerging technologies to aim their growth.
Seeking Support
When facing challenges and seeking support, 36% of business owners would consult a bank or financial advisor. Others would speak to a professional advisor or consultant (46%), or an industry peer (32%). Interestingly, some business owners would even consult a stranger, such as a taxi driver or bartender.
Conclusion
Running a business is never easy, but with the right support, business owners can overcome challenges and drive their businesses forward. By focusing on growth strategies, reducing stress, and seeking support, business owners can navigate the competitive digital world and achieve success.
Top 10 Challenges Faced by Business Owners in 2023
- Generating new business
- Rising operational costs
- Balancing work and personal life
- Cost reduction
- Keeping up with technological advancements and digital trends
- Competition from other businesses
- Cash flow problems
- Managing mental and emotional well-being
- Hiring and retaining skilled employees
- Supply chain
Did you miss our previous article…
https://hellofaread.com/money/uk-wages-on-the-rise-as-inflation-eases/
