The majority of British workers and employers are welcoming 2023 with optimism as concerns about key global and financial issues appear to ease slightly, new research shows.
A report from accounting software giant NetSuite found that nearly three-quarters (71%) of business founders are more optimistic about their prospects in 2023 than the year before.
Almost half (47%) expect their business to grow in 2023 as tough economic conditions begin to ease – although many realize things won’t change overnight.
The study of over 2,100 UK business founders and workers found that the top challenges faced by founders are rising costs/inflation (62%), rising energy costs (50% ) and the knock-on effects of a recession (48%). While some of these numbers may seem high, NetSuite notes that inflation worries are actually down 26% from 2022, with recession worries down 35%.
“When conditions seem chaotic, what you need, and what customers are looking for, is visibility and control,” said Nicky Tozer, SVP EMEA at Oracle NetSuite, at the company’s recent SuiteConnect event at London.
When it comes to technology, the study found that the cloud appears to be a crucial ally for many companies, with 72% of founders saying they use cloud technology to address business challenges – and almost all (94%) see the benefits. benefits. Being able to manage their business remotely, being able to do accurate financial reporting, and being able to automate processes like payroll and invoicing were cited as some of the biggest benefits of using cloud technology.
Elsewhere, the survey found that 70% of bosses said they would encourage others to start a business now. NetSuite found that almost three-quarters (74%) of full-time UK workers plan to start their own business, and almost two-thirds (64%) plan to do so within the next two years, with the benefit of being their own boss and gaining more control over their lives being particularly strong draws.
“It’s encouraging to see so many business founders and workers looking positively to the year ahead,” Tozer added.
“Our research suggests that founders are adapting to the lingering risk posed by inflation and recession by doubling productivity, using cloud technology and responding head-on to pricing pressures. UK shines brightly, as evidenced by a quarter of workers currently bringing in additional sources of income to their daily jobs.
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