Business

SMEs in Northern Ireland ‘least lonely’ but help still needed reports Ultimate Finance

New research points to all SMEs needing help with loneliness – but Northern Ireland companies fare the best
New research points to all SMEs needing help with loneliness – but Northern Ireland companies fare the best New research points to all SMEs needing help with loneliness – but Northern Ireland companies fare the best

SMALL-to-medium enterprises (SMEs) in Northern Ireland are the least lonely in the UK according to new research.

Despite two thirds (67 per cent) of firms reporting feeling lonely in their position, the results were better than similar size companies in England, Scotland and Wales, according to the research carried out by leading SME funding partner, Ultimate Finance.

Over three quarters (75 per cent) of those questioned in England said they felt isolated, with percentages rising further in Wales (77 per cent) and Scotland (79 per cent).

The research suggests that loneliness in SMEs across the country is being compounded by a lack of support – in Northern Ireland, an equal number of respondents (67 per cent) said they did not know were to turn when things became 'tough at the top'.

Additionally, over half (56 per cent) did not feel that enough support was available for businesses aiming to grow.

Alongside current economic uncertainties, other factors of concern to business owners included worries about meeting customers’ needs, access to funding and maintaining a healthy cashflow.

Steve Noble, chief operating officer at Ultimate Finance, said: "It’s hugely concerning to hear how often small business owners in Northern Ireland are feeling lonely.

"I talk to business owners around the UK every day and this research backs up what I already know – that they are feeing stressed and isolated.

"Although these feelings can be an unavoidable reality of running a company, it’s clear that more help should be available."

On the back of the findings, he said Ultimate Finance would be creating its own 'information hub' with guidance from health experts and insights from experienced SME owners to support those in need of help.