{"id":7177,"date":"2023-07-29T12:03:19","date_gmt":"2023-07-29T12:03:19","guid":{"rendered":"https:\/\/mysourcefunding.com\/funding\/1-5-million-business-owners-consider-propping-up-their-businesses-with-personal-savings\/"},"modified":"2023-07-29T12:03:22","modified_gmt":"2023-07-29T12:03:22","slug":"1-5-million-business-owners-consider-propping-up-their-businesses-with-personal-savings","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=7177","title":{"rendered":"1.5 million business owners consider propping up their businesses with personal savings"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400\">In the midst of dire financial conditions, approximately 1.5 million SMEs in the UK are contemplating dipping into their <\/span><b>personal savings<\/b><span style=\"font-weight: 400\"> to keep their businesses afloat.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A staggering 26% of small business owners also fear that they may have to close down if the outlook for their enterprises does not improve.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A recent SME insights report by <\/span><b>Simply Business<\/b><span style=\"font-weight: 400\">, a small business insurance provider, sheds light on the challenges faced by UK small and medium-sized enterprises.\u00a0<\/span><\/p>\n<h3>The root of the problem<\/h3>\n<p><span style=\"font-weight: 400\">The findings, gathered from the responses of over 1000 small business owners, underscore the current predicaments. For business owners, the current crisis may be only survivable by raising prices (during this categorically tough period to do so for customers), going into <\/span><b>survival mode<\/b><span style=\"font-weight: 400\">, or deploying their own personal bail-outs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The key findings of the Simply Business <\/span><b>report<\/b><span style=\"font-weight: 400\"> are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Over a quarter (26%) of SMEs<\/b><span style=\"font-weight: 400\"> are now facing up to 40% higher monthly <\/span><b>energy costs<\/b><span style=\"font-weight: 400\"> compared to the previous year, with some even experiencing a staggering 150% increase in energy expenses.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Nearly half (48%) of SMEs<\/b><span style=\"font-weight: 400\"> consider <\/span><b>the rising cost of living<\/b><span style=\"font-weight: 400\"> as the most prominent challenge for their businesses.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Over half (52%) of SMEs <\/b><span style=\"font-weight: 400\">expect a decrease in profits of up to 20% in 2023, with factors like customer retention (26%) and lack of funding (25%) impacting business operations.<\/span><\/li>\n<\/ul>\n<h3>Rising energy costs at the height of SME concern<\/h3>\n<p><span style=\"font-weight: 400\">Rising energy costs and <\/span><b>a lack of government support<\/b><span style=\"font-weight: 400\"> are the primary challenges cited by SME owners.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A striking 26% of SMEs are now paying up to 40% more on energy each month compared to the previous year, and some report an astonishing 150% increase in monthly energy expenses.<\/span><\/p>\n<p><b>Annelise Sealy<\/b><span style=\"font-weight: 400\">, proprietor of The Fall Bride in Hackney, east London, shared her struggles, stating:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe run everything as efficiently as possible, yet our monthly energy bill has fluctuated between \u00a3100 and \u00a31100 over the past year, despite no changes in our <\/span><b>operations<\/b><span style=\"font-weight: 400\">. The Government also needs to address the issue of <\/span><b>taxation on small businesses<\/b><span style=\"font-weight: 400\">. A blanket increase that doesn&#8217;t consider industry, business size, or turnover is neither thoughtful nor effective.\u201d<\/span><\/p>\n<h3>Glimmer of hope<\/h3>\n<p><span style=\"font-weight: 400\">Despite the formidable economic struggles SMEs are currently facing, a glimmer of optimism remains within the community.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Over half of the surveyed businesses (54%) expressed confidence in the UK economy&#8217;s potential for improvement within the current year. Additionally, 77% of respondents expressed confidence in their own business prospects for the next six months.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Almost half (47%) of UK SMEs express their intention to raise prices by up to 10%, with an additional one-third (36%) planning increases of up to 20%. The ongoing <\/span><b>cost-of-living crisis<\/b><span style=\"font-weight: 400\"> compels businesses to constantly search for ways to stay financially afloat.<\/span><\/p>\n<p><b>Alan Thomas<\/b><span style=\"font-weight: 400\">, UK CEO at Simply Business, acknowledged the crucial role of small business owners in the UK economy, stating:<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThe fact that many SMEs across the UK are struggling so significantly is a serious cause for concern. Small businesses sit at the heart of our communities and are vital to our economy, and it is essential that we continue to support them in these times of financial uncertainty.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">More from <strong>Startups.co.uk<\/strong>:<\/span><b><\/b><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/startups.co.uk\/news\/personal-savings\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the midst of dire financial conditions, approximately 1.5 million SMEs in the UK are contemplating dipping into their personal savings to keep their businesses afloat.\u00a0 A staggering 26% of small business owners also fear that they may have to close down if the outlook for their enterprises does not improve. A recent SME insights [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[68],"tags":[],"class_list":{"0":"post-7177","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-funding"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>1.5 million business owners consider propping up their businesses with personal savings | Brandiary<\/title>\n<meta name=\"description\" content=\"In the midst of dire financial conditions, approximately 1.5 million SMEs in the UK are contemplating dipping into their personal savings to keep their\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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