"Everyone has inside of him a piece of good news. The good news is that you don't know how great you can be, how much you can love, what you can accomplish, and what your potential is."
- Anne Frank
The Dream Factory have made an appointment to their senior management team to further strenghten their presence in the midlands region. John Mitchell joins the company as Regional Director and will bring a wealth of business expertise to the clients of The Dream Factory.
John has extensive experience of running companies in the UK and abroad including heading operations in Singapore within the marine industry.
The appointment of John will see him assist the growing client base of The Dream Factory to turn their business dreams into reality. John will be based in his home town of Ashby-De-La- Zouch in Leicestershire and operate throughout the midlands.
John can be contacted via email: firstname.lastname@example.org
Anxious times: many business owners have become unwell.
Managing your finances is a necessary evil but for many small business owners, dealing with banks and monitoring cashflow has become so arduous that it is making them ill.
According to new research from Nesta, the innovation charity, 40pc of British entrepreneurs have admitted that managing their finances and banking has become the most stressful part of running their business.
Balancing the books now takes up so much time that many business owners are forced to give up their evenings and weekends; entrepreneurs are spending an average of five hours a week of their personal time managing financial matters. One in five spends more than eight hours a week on the task.
This stress is taking its toll, with one in six (17pc) saying it has made them unwell. “For many small businesses financial admin is unnecessarily burdensome,” said Chris Gorst of Nesta. “There are thousands of products and services available to small businesses but no easy way for them to match these to their needs and circumstances efficiently.”
The research found that while one in five small business owners started out on their own to reduce stress, most have ended up shouldering sole responsibility for managing their company finances, creating a new kind of professional anxiety.
A separate survey warns that the time spent on financial admin could stifle the growth of many small firms. Only one in five business leaders spends enough time working on their business, according to Smith & Williamson, the accountancy, investment management and tax group.
“Individuals looking to scale their business should aim to devote a minimum of a day a week to actually working on their business strategy and actively managing their business,” said John Morris of Smith & Williamson. “If we want our smaller businesses to scale up, more needs to be done to help.”
Nesta’s researchers said that business owners were particularly stressed by the lack of transparency in business banking and financial products, making it hard to find the best deal or compare options.
Balancing the books now takes up so much time that many business owners are forced to give up their evenings and weekends
Nesta has launched a £5m Open Up Challenge prize fund in an attempt to encourage fintech pioneers to create new technologies that will help small businesses manage their finances and banking. The competition is to be run by Nesta, with backing from the Competition and Markets Authority and funding from eight UK banks.
The scheme has been welcomed by the UK’s leading trade organisations. “Accessing the right banking products and managing finances is often seen as a complicated task for small business owners and one that takes up a disproportionate amount of their time,” said Mike Cherry, national chairman of the Federation of Small Businesses.
“The Open Up Challenge has the potential to change all that. If we can genuinely support small businesses, both in terms of saving them time and providing them with access to the right financial products and services, then we have the opportunity to bring something game-changing to the economy.”
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