The biggest challenge facing small businesses in 2004 is how to increase sales turnover, according to results of a survey of small business owners and managers published today by Bibby Financial Services. The survey found that 65 per cent of businesses believe this will be their biggest challenge in 2004.
The results suggest that small firms are bracing themselves for a potentially demanding year as more businesses than ever struggle to increase revenue. In the last 5 years, bankruptcies have increased by a significant 20 per cent and the number of business failures has grown by more than 10 per cent since last year.
The issue of cash flow remains high on the business agenda for 2004. Nearly half of owners and managers consider managing cash flow and late payment to be a major challenge in the coming 12 months.
