Small business leaders elevated entrepreneurship to almost heroic proportions through the dedication and sacrifice they made to keep their businesses afloat during 2009.
According to a recent report by Hiscox:
- One in five SME bosses invested on average £17,000 of their own savings in their business last year
- Over a third cut their own salaries to reduce operating costs and improve cashflow, while only a tenth cut the salaries of their senior staff
- And a third increased their working hours by on average 12.5 hours a week, with one in ten working over 50 hours a week to keep their businesses afloat
And for many there was a personal cost as well:
- 38% have suffered from stress
- 24% had times when they were unable to sleep through worry
- 13% have seen their marriages suffer
Let’s hope that this year will prove to be kinder and reward these business leaders for their commitment and sacrifice.
Tags: OMB, SME, sole trader
