The Hiscox DNA of an entrepreneur study

2013

A “new normal”: tougher trading and reduced optimism
  • Small businesses found it harder to increase revenues last year, and fewer of them are optimistic about the year ahead.
  • Only one in ten small businesses plan to take on new staff in the coming year – but nearly two thirds expect to avoid redundancies.
  • Small businesses’ biggest fear is not being supported by government. Top of their agenda for government is reduced direct taxation, followed by simpler and fewer accounting rules, and more support and stimulation for lending.
  • The average working week in small businesses is 41.1 hours. The Germans work longest, on average, but have the most holiday. The British have the shortest working week and the second most days’ holiday.
  • Nearly one in three small businesses launched a new product or service in the last year – and around two thirds of these plan to launch another one in the coming year.

The Hiscox View

Our study this year has much for policy makers to reflect on as it gives a clear indication of what small businesses would most like to see from them. It also suggests that national institutions and representative bodies should consider how they can become more accessible to this vital sector of the global economy.