70% of small firm owners not altering lifestyle in recession
Description:
Small and medium-sized businesses owners are not radically altering their lifestyle or cutting back on business essentials because of the recession, according to research by independent financier Bibby.
The research revealed that 49% are not cutting back on expensive items such as blackberries or company cars, 70% are not seeing any less of their family due to extra work commitments and 63% are continuing with holiday plans or other time off.
"Whereas previously business owners may have been prepared to neglect their personal lives in order to sustain their business, these days they recognise the importance of trying to maintain some sort of work life balance, instead seeing time away from the business, such as holiday, as a tool to help them survive," said Ed Rimmer, chief executive of Bibby Financial Services.
