Economy impacting business owners

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Half of Connacht SME owners and senior managers say their personal lives have deteriorated substantially in the past year due to the long range impact of the ongoing recession.

Half of Connacht SME owners and senior managers say their personal lives have deteriorated substantially in the past year due to the long range impact of the ongoing recession.

Six years on from the start of the financial crisis, figures drawn from the latest Close Brothers Business Barometer reveal that of those affected, 47% are experiencing more stress since the recession began.

More worryingly, 16% believe their work-life balance has deteriorated and a further 16% are unable to sleep.

Head of Sales for Close Brothers Commercial Finance (Ireland), Paul Stephens said: “Despite recent signs of economic growth, our findings suggest that the difficulties of the last few years are really taking their toll for bosses on a personal level.

“37% of local SME owners confirm that their biggest worry in relation to their business is managing their cash flow, so it’s important that these businesses are aware of the full range of funding options available to them,” he pointed out.

“Innovative financial solutions such as invoice finance and asset based lending allow firms to raise cash in a short period. The resultant cash flow boost can not only help firms take advantage of growth opportunities (but also) reduce stress caused by financial worries,” said the Head of Sales.

For more information on how to address these issues and for up-to-the-minute news about Close Brothers Commercial Finance please visit www.closecommercialfinance.ie