One in 20 small business owners have remortgaged their house to help pay wages and retain staff rather than make redundancies, according to a new study.
A survey among 300 smaller companies by insurance firm More Than also revealed that more than a third of owners had taken "significant" pay cuts over the past five years, often by as much as half.
Other cost-saving measures have included moving to smaller premises and cutting marketing and advertising budgets.
Janet Connor, managing director of More Than, said: "It's sad that so many small business owners have had to remortgage their homes and take hefty pay cuts, but at the same time it shows real compassion on their part that they're prepared to sacrifice personal gains for the sake of their staff."
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It heartens me that bosses appreciate that the workforce is the lifeblood of their small business but it absolutely sickens me that the banks have broken every promise about supporting these very same businesses as a condition of the bail-out. They should be made to pay back every single penny with interest to every taxpayer and small business that is suffering as a direct result of their greed.
What a load of bo------ks the banks are still holding the country to randsom, I was in business for 32 years when times get tough is the the time for bank to make a killing,they want you shirt your home and any other items of value and then charge you high interest rates. No wonder not many businesses make it past the medium size ie.20 to 30 employees. I had some great people working for me they work hard and had families support. it's brakes you heart to have to let them go.But what would a banker know about that sat in a glass pile on wages sorry salary in the millions.
Yep aint that the truth m8, If I could pack up I would but just have to try and stick it out for now, As for Banks! Barclays, Barclays.Barclays, yea ok ill name them would have crippled me Banked with them for 20 odd years and sorry m8 your on your own, Well so should these Banks be instead of getting bailed out!!!!
About time small business owners were recognized. They do so much for this country taking risks and putting everything on the line,
They make a mockery of the fat cat bankers or should I begin the word with w!! Banks have never helped small business they grab there money back first sign of anything going wrong. What sickens me is the employed bankers who deem to give the self employed advice having never done more than draw a monthly salary. Some of them might have a degree but they would not last 5 minutes in the small business world.
I agree absolutely. I have run my own business for 25 years and can show you the scars. The single most persecuted group of people in the UK are SME owners. Everyone is on your back; the VAT Man, the Tax Man, the Rates man, the B****** Bank Manager, the Health and safety Man, etc, etc. There they are, like leeches, hanging off you.
They should strike a medal for every business owner who survives five years.