The Last Word Comment
Looking back
UK business owners admit their biggest regrets
Andy Dodd Managing director, Hitachi Capital Invoice Finance
UK business owners have revealed their biggest regret was the way they financed their business during the start-up period.
Finance regretted Significantly, almost one in four (23%) business owners in the UK admitted that, in hindsight, they would have financed their business differently and this decision seriously held back the business. Male business owners regretted their
fiscal decisions the most, with 28% admitting they choose the wrong monetary options, almost double (16%) that of their female counterparts. Those in Belfast admitted to having a
UK-high number of regrets around how they financed their business, with almost half of business owner surveyed (44%) acknowledging this mistake. This was followed by owners in Manchester (30%) and Norwich (29%). Owners in the transport and logistics
sector regretted their financial decision most, with half of owners claiming they wished they had funded their venture an alternative way. Business owners in recruitment (31%) and manufacturing (30%) made up the top three.
Top 10 business owner regrets
l How I financed the business: 23% l The pricing strategy during start-up: 21% l Taking advice from friends or business gurus: 17% l The time I started my business: 16% l Lack of planning before start-up: 14% l The location I started my business: 11% l The products I sold: 10% l Hiring the wrong staff: 8% l Starting a business in the wrong sector: 6% l Not putting my all into the business during start-up: 4%
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Owners in the transport and logistics sector regretted their financial decision most, with half of owners claiming they wished they had funded their venture an alternative way. Business owners in recruitment (31%) and manufacturing (30%) made up the top three
Pricing regret The UK’s second-biggest regret was their pricing strategy, with 21% of business owners claiming this was a major regret. More than half (57%) of those who claimed they made this mistake changed their pricing within the first year of operating. Of the business owners that feared they
incorrectly priced their product or service, 78% claimed it was due to overpricing and just 22% felt they undervalued their offerings. Those in Southampton misjudged their
pricing strategy most, with over one in four (28%) business owners in the city still feeling guilt over this regret. Liverpudlians (27%) and Londoners (23%) also felt the sting due to incorrect pricing. Business services felt they got their pricing
strategy most wrong, with almost a third (32%) claiming it was their largest regret. Owners in the manufacturing sector followed (31%) as did those in recruitment (31%). Taking advice from friends or business
gurus was also a major regret for business owners, with 17% claiming they took wrong advice and, in hindsight, would have made alternative decisions. Interestingly, almost one in three (31%)
male owners regretted the advice they took in comparison to only one in 10 (10%) females. Those in the Welsh capital of Cardiff
regretted taking advice the most, with 41% of respondents claiming it led to a negative impact on their business. This was followed by Belfast (39%), and owners in Liverpool (32%). The South West appears to give the best
advice, with only 8% of Bristol’s business owners regretting speaking to a friend or business guru. Notably, those in Plymouth (10%) and Gloucester (11%) also had few regrets when seeking business advice. CCR
www.CCRMagazine.com September 2019
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