The lonely business owner? You are not alone. We read some statistics from a very credible source lately which make sense to us, verifying that 40% of all small to medium-sized businesses are one-man business owners. Running a business can be a very lonely affair, even when you do have co-directors; let alone when you’re working by yourself. In some cases, it is unfortunate and unsurprising that when a company runs into difficulty, the director with nowhere else to turn may even contemplate ending it all and committing suicide as has been the case with some of our clients, prior to contacting ourselves.
The situation surrounding directors may be challenging in certain areas, but it is never as bad as it appears once the director has someone to talk to. It’s not often spoken about in business turnaround circles, but the personal aspects of helping someone can and often is deeply felt by all involved. We have made long lasting friendships with some of those that we have helped over the years and it gives us a sense of great satisfaction.
It’s worth remembering that one man business owners have their part to play in the UK’s economic recovery and the numbers of one man businesses have never been greater. The government’s aim is to encourage more individuals to enter into business and it appears to be succeeding; let’s just hope they provide the appropriate support services on top of this.On a more positive note, the number of business owners in this position appears to have fallen. The insolvency statistics are due shortly for Q1 2014 and we will be surprised if the numbers have gone anything but down. There are 4.9 million small to medium sized businesses and these are critical to the UK’s economic recovery as they count for 59% of all private sector employees which is a staggering number. 99% of small to medium-sized businesses employ less than 50 people and these businesses are the genuine heart of the UK economy and should be congratulated for surviving the worst recession financial history.There is a counter argument that says that the number of business insolvencies should rise when coming out of a recession, but we may be further out of this last recession than previously thought. Hopefully, this good news will be verified shortly and business owners can get on with what they should be doing – driving their businesses.