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40% of SME owners and senior managers in Munster, say their personal lives have deteriorated in the past year due to the recession. Photo: 123RF

40% of SME owners and senior managers in Munster, say their personal lives have deteriorated in the past year due to the recession.

Six years on from the start of the financial crisis, figures drawn from the latest Close Brothers Business Barometer, reveal that of those affected, 37% are experiencing more stress, 16% believe their work-life balance has deteriorated and a further 16% are unable to sleep well.

Head of sales for Close Brothers Commercial Finance (Ireland), Paul Stephens, said: “Despite recent signs of economic growth, our findings suggest that the difficulties of the last few years are really taking their toll for bosses on a personal level.

“42% of local SME owners confirm that their biggest worry in relation to their business is managing their cash flow, so it’s important that these businesses are aware of the full range of funding options available to them.

“Innovative financial solutions such as invoice finance and asset based lending allow firms to raise cash in a short period of time against the value of unpaid invoices or assets, such as property and stock. The resultant cash flow boost can not only help firms take advantage of growth opportunities, but more importantly, reduce stress caused by financial worries,” he added.

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