UK bosses put cash first for 2007

Fifty-eight per cent of small business owners and managers in the UK are vowing to devote more time to improving their cash flow management in the next 12 months, according to Bibby Financial Services’ annual survey of New Year’s resolutions.

The findings echo the views of the small business sector two years ago, when cash flow also topped the table, proving that the issue is still a major concern for UK entrepreneurs.

The focus on cash flow was closely followed by the need of 54 per cent of business owner and managers to diversify and identify new markets for their products and services.

However, it would appear that spending time with the family is still an important factor for Britain’s bosses, with 52 per cent vowing not to neglect their loved ones. This focus on personal life is underlined with more than a third (36 per cent) of owners and managers pledging to work shorter hours next year.

Says David Robertson, chief executive of Bibby Financial Services: “With owners and managers worrying about the need to get their cash in order for 2007, getting customers to pay on time and making the most of early settlement discounts, vowing to improve cash flow management is one New Year’s resolution that they would be wise to keep.

“As we head into the New Year, there has never been a better time for entrepreneurs to reassess existing financial structures and ensure the best possible cash flow solutions are being adopted.

“Although many owners and managers have expressed good intentions to spend more time with their families and work shorter hours, it looks as if next year will be another very busy one from a business perspective and I suspect such noble gestures will be pushed aside as 2007 progresses.”