A majority of UK workers and employers are welcoming 2023 with optimism as concerns over key global and financial issues appear to be easing slightly, a new study finds.
A report from accounting software Giant NetSuite found that nearly three-quarters (71%) of company founders are more optimistic about their prospects in 2023 than they were last year.
Almost half (47%) expect their business to grow in 2023 as tough economic conditions begin to ease – although many recognize things won’t change overnight.
Optimism 2023
The study of more than 2,100 UK business founders and workers found that the top challenges for founders are rising costs/inflation (62%), rising energy costs (50%) and the aftermath of a recession (48%). While some of these numbers may seem high, NetSuite notes that inflation concerns are actually down 26% compared to 2022, with recession concerns down 35%.
“When conditions seem chaotic, you need visibility and control,” said Nicky Tozer, EMEA SVP at Oracle NetSuite, at the company’s recent SuiteConnect event in London.
When it comes to technology, the study finds that the cloud will be a crucial ally for many businesses. 72% of founders said they are using cloud technology to solve business challenges – and almost all (94%) see the benefits. Being able to run their business remotely, being able to produce accurate financial reports and being able to automate processes such as Payroll And billing were cited as some of the biggest benefits of using cloud technology.
Elsewhere, the survey found that 70% of bosses said they would encourage others to start a business now. NetSuite found that nearly three-quarters (74%) of full-time workers in the UK have plans to start their own business and nearly two-thirds (64%) plan to do so in the next two years, with the allure of finding their Being the boss of their own business and gaining more control over their lives are particularly strong draws.
“It’s encouraging to see that so many founders and employees are looking positively to the year ahead,” added Tozer.
“Our study suggests that founders are adapting to the ongoing risk of inflation and recession by doubling their productivity, embracing cloud technology and countering pricing pressures head-on. The UK’s entrepreneurial spirit shines bright as reflected in the quarter of workers currently bringing additional sources of income to their main job.”
