Independent research company , Censuswide was commissioned to poll 500 UK-based small business owners about rising inflation fears and its impact on morale . Alarmingly , it was revealed that 74 % of entrepreneurs said they have had to rely on personal finance to keep their business afloat .

Young entrepreneurs under the age of 35 were most likely to have used their own money to balance the books , with 79 % saying they had done so in the last month . Of this figure , 31 % said they had to dip into their personal savings on more than one occasion in a desperate attempt to prevent their business from going into liquidation .

For over half of business owners who have relied on personal savings , relationships in their personal

With the threat of a global recession looming , it can be overwhelming for businesses to navigate the year ahead . We hear more from two experts about how enterprises can best prepare for an oncoming financial crisis . . . .

lives were placed under great strain . This points to a lack of guidance around business finance as it was revealed that 73 % of entrepreneurs needed help understanding their business finance options when starting their company .

The issue is elevated by over two-thirds ( 68 %) of entrepreneurs are unsure who to ask for business finance advice , with young entrepreneurs in particular in need of guidance , with 74 % unsure .

Even when entrepreneurs do know where to go for business finance , a whopping 80 % of them don ’ t feel they have the time for such a laborious , admin-heavy process , especially during the launch of their business and during their first year of trading .

“ Launching and running a business is an enormous challenge for entrepreneurs who are clearly hanging their success on their personal savings in the hope their business will come good ,” said Shoaib Aslam , Founder of Start My Business . “ That places huge stress on a person ’ s well-being which can quickly consume an entrepreneur ’ s entire life .

Global growth is slowing sharply , with further slowing likely as more countries fall into recession .

“ The onus is on the government , the financial services sector and businesses to assist start-ups through providing regular support and guidance around how to access business finance to reduce the burden on small businesses – who are the backbone of the UK economy .”

To tackle this recent crisis , we spoke to two experts , who offered their insights into how businesses can best financially plan for the next 12 months . . . .

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