54% of small business owners are willing to downsize their business to ensure it survives
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Today (twenty seventh June) is World Micro, Small, and Medium Enterprises (MSME) Day. Founded by the United Nations General Assembly to increase consciousness, respect and have fun the contribution of small and medium-sized companies worldwide.
With this in thoughts, small business bank card firmCapital on Taphas carried out a survey to reveal the numerous sacrifices that small business owners make to ensure business survival and offered skilled recommendation on how entrepreneurs can change their mindset to improve progress.
Survey reveals 10 methods business owners are willing to save their business
Rank | Method of saving business | % that agreed they might do that to ensure their business survives |
1 | Be willing to restructure or downsize my business | 54% |
2 | Be willing to ask my family and friends for cash | 31% |
=3 | I’ve re-structured or downsized my business | 26% |
=3 | Be willing to promote shares or elements of my business | 26% |
4 | Be willing to use crowdsourcing platforms or neighborhood fundraising initiatives | 23% |
5 | I’ve requested my family and friends for cash | 22% |
6 | Be willing to liquidate my belongings | 19% |
7 | Be willing to re-mortgage my property | 16% |
8 | Be willing to take out a high-interest mortgage | 13% |
9 | I’ve taken out a high-interest mortgage | 12% |
Some additional key findings which may be of curiosity:
11% of UK SME owners have liquidated their belongings to ensure their business survives.
10% of business owners have bought their shares or half of their business to save their business.
One in 10 business owners (9%) have remortgaged their houses for the survival of their business.
Capital on Tap has additionally partnered with business mindset coach Topsie VandenBosh to share her insights into utilizing a progress mindset to cope with monetary strains and difficulties when establishing and operating an MSME.
Topsie explains: “A progress mindset describes a method of viewing challenges and setbacks. It’s about believing that your skills and potential can all the time be developed and improved, and understanding that setbacks are golden alternatives to stretch, be taught and evolve.
“When you’ve got a progress mindset, you realise that your failures aren’t dead-ends — they’re stepping stones to the following stage up. It’s vital to have a progress mindset (moderately than a set mindset) as a result of a set mindset will maintain you caught. When you’re trapped in a set method of pondering, you play small. You stick to what’s protected and acquainted, terrified of rocking the boat. You see each problem as a menace, moderately than a chance to innovate and increase.”
You can discover the complete survey outcomes on the sacrifices small business owners make to save their companies right here:https://www.capitalontap.com/
Neel Achary
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