Lonely at the top for bosses, survey shows

Thu, 24 May 2007

Small business owners often feel isolated, a new survey has indicated.

According to a Yorkshire Bank poll, 36 per cent of such entrepreneurs feel that big banks are only interested in the business banking needs of larger firms.

And while nearly 40 per cent of sole traders set up their business in order to have more financial control, a large number of them miss having a sounding board when it comes to business and banking decisions.

It can be "lonely at the top" for business owners if they do not have access to experienced and reliable advisers, commented the head of retail and small business at Yorkshire Bank, Gary Lumby.

He said research shows that when a business really takes off, the owner could find they have little time to take care of the details of personal finances.

Yorkshire Bank aims to offer holistic business banking solutions, Mr Lumby claimed, adding that the business banking service - which is integrated and dedicated to small businesses - has proved successful.

A recent report by insurance provider Axa found that more than a third of new mums and pregnant women choose to set up their own companies.

They emerged as "an entrepreneurial force to be reckoned with", according to Axa, as their ventures earn them an average £5,614 a year.

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