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Michael Oliver

Small business owners “very happy”

Small business owners are optimistic about the future, a new study has revealed.

Some 93 per cent of small business owners say that are very, or quite happy, according to the latest American Express Small Business Barometer.

Of those quizzed 70 per cent cited being master of their own destiny as the main motivator for job satisfaction, while 66 per cent said it is doing something they believe in and 42 per cent said financial benefits act as their main inspiration to do well.

Of course it’s not all plain sailing for the nation’s entrepreneurs as 40 per cent said they would like to reduce their stress levels, while 33 per cent want more time for holidays.

And 46 per cent said they have not had any time off in the past 12 months because of business commitments.

Stacey Sterbenz, director for American Express Small Business Services UK, said, “It is encouraging that despite the ongoing challenging economic environment, small business owners say they are happy at work.

“They know they have tough challenges ahead but appear to be gritting their teeth and focusing on the positives.”

The future looks positive for business owners, as 56 per cent of small firms forecast growth for the remainder of the year, with just 12 per cent predicting a contraction.

In terms of managing finances, 71 per cent said they manage their cashflow carefully on a day-to-day basis, while 54 per cent use a credit card or charge card to pay for expenses.

Sterbenz added, “As managing cash flow remains such a focus for many small businesses, those using their personal credit cards to pay for business expenses should consider taking out a separate business card.

“As well as giving access to additional spending and helping them build the credit profile of their business, it can make processing expenses and managing accounts more straightforward.”

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