Bizdaq Blog

Bizdaq’s Small Business Closure Report

Small businesses – those with 0-49 employees – are the lifeblood of the UK, and make up 99.3% of all UK businesses. We surveyed 300 small business owners to find out how they felt about the future, and asked them about when they plan to exit their business, how they plan to do it, and how they think a potential Brexit would impact their business.

 

The results we received showed that:

  • 370,000 small business owners plan to cease trading in the next five years
  • With average small businesses employing close to 5 employees, there are 1.8 million jobs at risk
  • A further 424,000 business owners plan on selling in the next five years
  • Small business owners currently voting 41% stay, 44% leave, 15% undecided
  • Small businesses voting to stay have higher revenue than those voting leave

 

Our CEO Sean Mallon said “It is astonishing, given the government’s rhetoric around job creation, that little is being done to preserve the number of jobs at risk within Britain’s small businesses. If the government were to make leaving a business easier and promote this as the “norm”, then hard working small business owners could capitalise on their efforts and we could retain over 1.8m jobs – it’s a win-win situation.”

 

You can read the full findings of the Small Business Closure Report here: https://www.mybizdaq.com/small-business-closure-report/