According to a new survey conducted by Zurich the global insurer 11% of all small and medium sized business owners have considered closing their doors over the past month due to the rough economic times and the pressure of doing business in today’s environment.
The SME Risk Index was compiled from a YouGov survey and found that businesses in the North and the South regions were the most likely to consider shutting their doors with 17% and 12% respectively voicing concern about rough business times.
On the other hand, times appear to be better for SMEs located in London and the Midlands with these areas reporting only 7% and 5% of decision makers at SMEs considering shutting down their business.
In total about 560 SME senior decision makers were included in the survey with most stating that they are concerned about the state of the economy and do not have any hope that it will improve over the next quarter. Almost 60% more of SME business leaders do not have any hope that it will improve next year either.