Today (27th June) is World Micro, Small, and Medium Enterprises (MSME) Day. Founded by the United Nations General Assembly to raise awareness, appreciate and celebrate the contribution of small and medium-sized businesses worldwide.
With this in mind, small business credit card company Capital on Tap has conducted a survey to reveal the many sacrifices that small business owners make to ensure business survival and provided expert advice on how entrepreneurs can change their mindset to enhance growth.
Survey reveals 10 ways business owners are willing to save their business
|
Rank |
Method of saving business |
% that agreed they would do this to ensure their business survives |
|
1 |
Be willing to restructure or downsize my business |
54% |
|
2 |
Be willing to ask my friends and family for money |
31% |
|
=3 |
I have re-structured or downsized my business |
26% |
|
=3 |
Be willing to sell shares or parts of my business |
26% |
|
4 |
Be willing to use crowdsourcing platforms or community fundraising initiatives |
23% |
|
5 |
I have asked my friends and family for money |
22% |
|
6 |
Be willing to liquidate my assets |
19% |
|
7 |
Be willing to re-mortgage my property |
16% |
|
8 |
Be willing to take out a high-interest loan |
13% |
|
9 |
I have taken out a high-interest loan |
12% |
Some further key findings that may be of interest:
-
11% of UK SME owners have liquidated their assets to ensure their business survives.
-
10% of business owners have sold their shares or part of their business to save their business.
-
One in 10 business owners (9%) have remortgaged their homes for the survival of their business.
Capital on Tap has also partnered with business mindset coach Topsie VandenBosh to share her insights into using a growth mindset to deal with financial strains and difficulties when setting up and running an MSME.
Topsie explains: “A growth mindset describes a way of viewing challenges and setbacks. It’s about believing that your abilities and potential can always be developed and improved, and understanding that setbacks are golden opportunities to stretch, learn and evolve.
“When you have a growth mindset, you realise that your failures aren’t dead-ends — they’re stepping stones to the next level up. It’s important to have a growth mindset (rather than a fixed mindset) because a fixed mindset will keep you stuck. When you’re trapped in a fixed way of thinking, you play small. You stick to what’s safe and familiar, terrified of rocking the boat. You see every challenge as a threat, rather than an opportunity to innovate and expand.”
You can find the full survey results on the sacrifices small business owners make to save their businesses here: https://www.capitalontap.com/