Economic health is number one business concern, report shows

Date: 29th November 2011

Small businesses owners see the overall health of the economy as their number one concern.

That is according to a new report by Travelex, which showed that 84 per cent cite this issue as their primary concern.

This was closely followed by cheaper competition from overseas firms, which was cited by 70 per cent of those asked, and the volatility of the currency market (65 per cent).

Other concerns raised by business owners included reduced budgets, regulation/compliance and the availability of credit.

Paddy Earnshaw, customer director of Travelex Global Business Payments, commented: "The results of this survey are not reassuring. Survival is paramount in the current climate; British businesses are worried about the basics of simply staying afloat.

"If the government is serious about leading an export-driven recovery, then it should not focus solely on credit availability when there are other pressing issues to consider."

The study also showed that while access to credit is a major issue, nearly two-thirds of small business owners do not know what Project Merlin is.

Posted by Emily Smith