More than half (52%) of surveyed business owners and partners have felt too scared to take a significant step in their business, such as hiring their first employee, raising prices or expanding to a new location, new HSBC UK research reveals.
Among respondents who took a significant step, the biggest concerns beforehand were losing money (58%), not seeing results quickly enough (33%), lacking the necessary skills (25%) and damaging thebusiness’s reputation (19%).
Within that same group, 34% said the step helped their business grow. Separately, 25% of all surveyed Scottish business owners and partners said they had taken a step that helped their business grow.
The survey revealed, among respondents who reported a benefit from taking the step, nearly two thirds (62%) said they saw it within six months, highlighting how quickly considered business decisions can have an impact.
Woodlands Glencoe demonstrates what can be achieved when owners take those steps with careful planning and the right support. The multi-generational Scottish hospitality business operates a collection of luxury lodges near Glencoe on Scotland’s west coast, employs around 45 local people and has invested £3 million in its continued growth. This shows how considered decisions can create jobs, support future investment and enable sustainable expansion.
James Young, Managing Director, at Woodlands Glencoe, said: “Expanding a family business and creating new roles are significant decisions. It is natural to consider the financial risk carefully, but the right knowledge and support have helped us invest with confidence, create local jobs and build a resilient business for future generations.”
Ann Flanagan, Regional Director Scotland and Northern Ireland, Business Banking at HSBC UK, said: “Every business needs to evolve, but the right path will look different for each one. For some, growth may mean expanding the team; for others, entering a new market or opening another location. There is no one-size-fits-all strategy, and an approach that worked at one stage may no longer support a business’s ambitions.
Our research shows fear and hesitation can hold owners back and limit growth. Woodlands Glencoe, one of HSBC UK’s Small Business Growth Ambassadors, shows how timely, informed decisions can support investment, local jobs and long-term resilience.”
HSBC UK’s free Small Business Growth Programme supports entrepreneurs with training, events and expert guidance to strengthen their financial skills and make informed decisions as they grow.
To learn more about HSBC UK’s support for small businesses, click here.
