It found that 59% of small and medium sized business (SME) owners say that the state of the economy is taking its toll on their personal life, according to new statistics in the Close Business Barometer.
It shows that of those who say their personal life is suffering, 47% are stressed and over a third say that their work-life balance has deteriorated.
The survey canvasses the views of SME owners across Ireland on a range of financial issues.
Harry Parkinson, Managing Director of Close Brothers Commercial Finance in Ireland said; “A huge 86% of business owners said they believe this recession still shows no sign of abating, with a further 41% saying that their trading conditions have worsened over the last 12 months. When asked about their main concerns for the coming year, more than a quarter of respondents cited market volatility, and a further 18% said they’re most worried about the possibility of a double dip recession.”
“Looking at the statistics, it’s not really surprising that all this fear and uncertainty is having a negative effect on bosses’ private lives, knocking their work-life balance off kilter and affecting their health,” he said.
Problems such as bad debt, struggling cash flow and late payments account for 35% of business owners main concerns for the coming year.
“Cash flow management and the issues surrounding it needn’t be such a major cause of stress though,” said Mr Parkinson.
“My advice is this, don’t put all your eggs in one basket when it comes to your cash flow. Forward thinking companies are now using a blend of traditional bank lending, asset-based lending and leasing to meet their funding needs.
“Unpaid invoices are actually a huge asset for many businesses, hence the rising popularity of invoice finance. Put simply, it means that when you raise an invoice, you will receive up to 90 per cent of the value of that invoice immediately, meaning that you don’t have to wait up to 30 days or longer for your customers to pay. Thus leaving you with the cash to fund not only your day-to-day outgoings but also your aspirations for growth. It also means that funding grows in line with your business; the more invoices you raise, the more funding you get. Being smart about this should mean that cash flow is one less thing to worry about,” he added.