More than 40% of owner managers felt that growth was a key challenge, while over 36% report attracting funding and sourcing investment as a problem. Just 5% found that developing an exit strategy was a challenge while 14% needed help with writing a business plan.
HB RIDA managing director, Helen Reynolds, says: “In terms of growth, sometimes owner managers can be their own worst enemies.
“One of the biggest mistakes is the ‘Porsche and Rolex effect’. This typically happens in year three of a new business where years one and two have been very successful. Instead of keeping a ‘war chest’, which can be used to invest for growth, owners reward themselves for their success and hard work — but it’s just a tad too early.”
