Top challenges for business owners in 2023 - such as generating new business
Some of the top challenges business owners have faced in 2023 include generating new business, rising operational costs – and balancing their work life with their personal life, research has found.
Other workplace struggles have included competition from other businesses, cash flow problems, and keeping up with technological advancements and digital trends.
As a result, a poll of 500 business owners have said this year has been their most stressful one yet – although 92% have taken measures to reduce their stress at work. And more than three-quarters (77%) feel putting up with the stress is worth it, in order to grow their business.
The research, commissioned by NatWest, also found that four in ten (39%) regularly work beyond normal working hours, while 34% take work calls during weekends.
Generating new business, and balancing their work and personal lives, are among some of the top challenges they have faced (NatWest)Meanwhile, 89% believe it is important to have strong pitching and presenting skills – although 59% admit they feel nervous when they have to do so. And 55% feel their business would have benefitted if they had been taught public speaking as a child.
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James Holian, head of business banking at NatWest, which commissioned the research, said: “We know that helping business leaders succeed – not just through traditional banking services, but with full wraparound business support – is crucial if we want a strong small business sector.
“While it’s never easy running a business, with the right support, we can assist businesses in overcoming challenges, and help to drive their business forward.”
The study also found 45% have contended with the rising cost of living, with one in three struggling with the ever-increasing price of goods and services within their company – and the energy crisis has had an impact on 28%.
The research, conducted via OnePoll, revealed that some of the top ways business owners have tried to minimise their stress include making healthier lifestyle choices, and taking short breaks throughout the day.
To expand their enterprise, business owners and CEOs are focusing on product diversification (27%), and their digital e-commerce presence (26%), while 26% are also exploring how they can adapt to new and emerging technologies to aim their growth.
And to support their growth, 36% of business owners would consult a bank or financial advisor, while others would speak to a professional advisor or consultant (46%), or an industry peer (32%).
Three in ten would turn to their family, a quarter to their friends – and 9% would even consult a stranger, such as a taxi driver or bartender.
James Holian, from NatWest, which has helped 35,000 individuals and businesses through schemes like its Entrepreneur Hub, added: “Whatever the size of your business – if you’re just starting out, already growing fast, or even thinking about scaling – support could help you get there, and help you overcome those challenges, faster.
“This is why we have revolutionised the way we support entrepreneurs in recent years, bringing mentoring, insight, and bespoke coaching to them.”
TOP CHALLENGES FACED BY BUSINESS OWNERS IN 2023:
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- Generating new business
- Rising operational costs
- Balancing work and personal life
- Cost reduction
- Keeping up with technological advancements and digital trends
- Competition from other businesses
- Cash flow problems
- Managing mental and emotional wellbeing
- Hiring and retaining skilled employees
- Supply chain
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