More than a third (36%) of Generation X business owners (those between 31 and 50 years old) believe cashflow problems will have an adverse effect on their growth plans in the next 12 months.
Out of 400 business owners surveyed by Lloyds Bank, 31% fear increased competition and managing family commitments will affect their plans for growth.
26% expect the challenge of Brexit to impact on their business, compared to 18% of Millennials and 16% of Baby Boomers.
- Generation X business owners are least likely to prepare for the worst-case scenario, with 61% having no exit plan in place
- those who do have a plan in place, 14% are more likely to close their business, sell to a competitor (5%) or sell their contact list (5%).
Jo Harris, managing director at Lloyds Bank, said:
“Generation X entrepreneurs are ambitious and have strong growth expectations for the future of their businesses.
“However, in practice, we know that many find it a real struggle to manage their work/life balance and even more regard it as a barrier to growth.
“Business owners are not alone and a range of support is available, including mentoring, which can help to make lasting changes to get a better work/life balance and deal with other challenges they face.”
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