Two-thirds of SME owners 'thriving' owning their own business

The outlook for SME growth in the next five years is optimistic, according to a recent survey by AXA PPP Healthcare, which also found that 62 per cent of small business owners are thriving as a result of owning their own business.

As part of the survey, two-thirds of SME owners said they are very positive looking ahead to the next five years for their business.

58 per cent of SMEs also acknowledged the greater flexibility and freedom (37 per cent) that owning a business gives them. 70 per cent of owners said they are proud, inspired, content or fortunate to lead their own business; highlighting the positive effects that having control over your working life can bring.

Glen Parkinson, SME business director, AXA PPP Healthcare, said: “It’s good to see SME owners flourishing as a result of having their own business.

“Coming into work feeling inspired or fortunate is a great motivator and helps productivity and creativity to blossom. And they are very positive about the future growth of their business, which is fantastic to see.

“The future looks bright for the UK’s SMEs, which is great news for the economy, as they are the backbone of our economic output.”

When quizzed on areas small business owners are involved in on a day-to-day basis, overall business strategy appeared to be the most common area, with four-fifths (81 per cent) of owners involved in this daily; followed by business operations (61 per cent), production and new business development (61 per cent), sales and marketing (59 per cent) and customer service (55 per cent).

More than a third (35 per cent) of entrepreneurs feel able to switch off from their business, with 36 per cent doing so by enjoying time with their family, doing exercise (22 per cent) and visiting their local pub (11 per cent).

Almost two-thirds (63 per cent) appear to have got their work/life balance right, stating that they only feel pressurised at work some of the time or not very often.

“UK SME owners need to delegate more and only have daily involvement in those activities that truly need their expertise,” added Parkinson.

“Reducing their involvement in wider business activities and empowering their teams to do these tasks will help build trust and will hopefully prevent them from taking work pressure home.

“It is very encouraging to see small business owners are taking measures to achieve a reasonable work/life balance even through stressful periods.”

Date published 8 Oct 2015 | Last updated 8 Oct 2015