Barclays reveals SME owners plan to stay in business longer than
they'll be married
on: July 23, 2008, 8:13 am
Release Author: Barclays
Release Summary: Barclays Local Business reveals small business
owners are in it for the long haul and plan to stay in business
longer than they'll be married
Release Body: It may not always be a match made in heaven, but
UK bosses are in it for the long haul when it comes to running
their own company, according to a survey of small business owners
conducted by Barclays Local Business* research
reveals that over a quarter (28%) expect to run their business
for more than 25 years (longer than the average marriage in the
UK at 24 years, or 11.6 years if it ends in divorce**) and one
in five said they plan to keep working well into their seventies.
well as being wedded to the job, UK
small business bosses are forming long-term and loyal relationships
with their staff. Despite the popular belief that a 'job for life'
is a thing of the past, nearly a third (29%) of those questioned
have an employee on the books who has worked for them for at least
ten years and two thirds of respondents still employ their first
Davis, marketing director for Barclays
Local Business said: "Starting
your own business is a serious commitment and for most people
it really is about a life long relationship that needs constant
nurturing and attention. For every over night success there are
thousands of business people who have spent years developing a
successful business - but there are few things as satisfying as
making it a success after all that effort."
this propensity for long term commitment, it is no surprise that
bosses are quite literally 'married to the job'. Two fifths admit
feeling personally connected to their business, and said its failure
would cause emotions akin to a relationship ending.
women were more likely to be affected by 'business bereavement'
when a company fails, the survey showed that when it comes to
their staff, male entrepreneurs are more sentimental than their
female counterparts. On average, male bosses employed their first
recruit for approximately a year longer than female bosses, while
their longest serving employees typically clocked up a year longer
on the payroll.
survey also revealed that entrepreneurs who value stability in
their personal life are more likely to replicate it in the workplace.
Respondents who had been in relationships for more than twenty
years tended to employ their first recruits for nearly eight years
- two and a half years longer than the national average. Their
longest standing employees also remained employed for more than
nine years - 50% longer that the national average of six and a
growing concern about an economic downturn, confidence among the
small business community remains strong, as three quarters (74%)
say they are keen to grow their business this year. Of those that
felt growth was not an option, a quarter cited the risks currently
posed by the economic climate while nearly one in five (19%) said
they simply had no interest in making more money.
Taken from online research carried out between 1 and 16 June 2008
by Ciao Surveys on behalf of Barclays Local Business Banking.
Total sample size was 503 Small to Medium Enterprise (SME) owner-managers
from across the UK, where an SME is defined as having up to 250
** National Statistics and the National Family and Parenting Institute.
case studies are available on request.
Barclays Local Business
Barclays supports businesses with:
managers in 600 locations.
get standard banking transactions free for up to 12 months.
to bank when and how they want - online and telephone banking
and a full counter service at 1600 branches nationwide.
the longer term businesses can choose various banking
packages which give a choice of free automated payments
or in credit interest. These packages also include different
levels of further support from online training to credit management
Details: For further information:
Barclays Press Office
BARCLAYS BANK Plc
1 Churchill Place
020 7116 6159