-
More than two-thirds (68%) of individual traders feel burned out in the first few days of the new year.
-
just 1 inch 5 sole Traders did not work at all during the Christmas holidays, with 15% working on Christmas Day.
-
80% of sole proprietors felt anxious, stressed or worried during the holiday season.
-
Self-declaration final tax return deadline is 31 daysst January could add even more potential stress, as more than half have yet to start their self-assessed returns.
-
However, positive trends remain strong in 2023. 4 sole Traders are confident in their business despite personal challenges
London, January 24, 2023 /PRNewswire/ — More than two-thirds (68%) of sole proprietorships already feel burnt out as business owners entering 2023, new survey from Intuit QuickBooks* reveals .More than half (52%) have yet to start their comeback at his 9ththJanuary 2023.
burnout after rest
The survey also revealed that the majority (80%) of sole proprietors do not enjoy rest and recuperation while on vacation, instead experiencing anxiety, stress or business worries. . Nearly half (54%) said these feelings of anxiety meant they were unable to “switch off” completely from work, and 42% said they didn’t get the rest they needed after a break. clarified.
This is less than ideal as we head into the New Year and into the recession. Unsurprisingly, the top concern for sole proprietorships heading into 2023 is the cost of living crisis and its impact on the cost of doing business (44%). This is followed by rising material costs (36%) and recession and economic uncertainty (34%).
A looming self-assessment deadline is another potential source of stress
More than half (52%) of eligible sole proprietors surveyed in the first week of January had not initiated the self-assessed tax returns that must be completed by the end of the month. This can be an additional layer of stress, especially given that the average time it takes the surveyed sole proprietor to complete a self-assessed tax return is 20 hours for him (16 hours from he increased by 25%). January 2022 Research).
The biggest challenge for sole proprietors when completing a self-assessment is understanding deductible expenses (36%), then finding all financial information (34%).
However, you can make the process simpler and more efficient. His 30% of sole proprietors still complete the self-assessment manually, but 88% said they would improve their financial situation if the right guidance would make the rest of their lives easier in January. He said he would invest his time in January.
Pauline GreenHead of Product Compliance, says QuickBooks:
“While it’s painful to see so many sole proprietors struggle during the holiday season, it’s encouraging that so many are willing to invest time in improving their financial health. We know that small changes to the technology that sole proprietorships use can easily save time and reduce overwhelming stress and anxiety. Especially for sole proprietorships, AI software can quickly reduce the workload of financial managers by tracking business expenses more accurately. This gives individual traders a better understanding of discrepancies and unnecessary expenditures, allowing them to avoid or resolve issues more quickly, so retail traders can make better decisions down the road. ”
Signs of self-employed confidence and positivity heading into 2023
Nearly three-quarters (71%) are confident about their business heading into 2023, despite the personal hardships experienced by sole proprietors and the current economic climate. This comes as 45% said his 2022 business exceeded expectations. The main reason for this is that nearly half (47%) of individual traders feel their business has survived the challenges of 2022 and is more resilient to shocks.
The top business priorities for sole proprietorships in 2023 are business financial growth (43%), healthier cash flow (40%), and a stronger customer pipeline (35%).
Pauline continues: ”Investing in strong financial management processes is essential to ensure business success in 2023. Sole proprietors can use the app to easily track and record mileage to ensure accurate records, or link directly to their bank to enable accurate income and expense details. You can benefit from technology. Making this investment in financial management software will allow individual traders to work more efficiently and hopefully give them peace of mind.”
methodology
*An independent study conducted by Censuswide on behalf of Intuit QuickBooks, using a representative sample of 1,001 sole proprietors who are required to file self-assessment returns. 2023.03.01 – September 1, 2023.
Censuswide adheres to and employs members of market research associations based on ESOMAR principles.
About Intuit
Intuit is a global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving his over 100 million customers worldwide with TurboTax. quick book, mint, Credit Karma, Mailchimp and others, we believe everyone should have a chance to succeed. We are constantly striving to find new and innovative ways to make it possible. Please visit us for the latest information about Intuit, our products and services. social.
Register with Intuit Limited England (Corporate number: No. 2679414) Registered address and main place of business: Ward 5 Floor Cardinal Place80 Victoria Street, LondonSW1E 5JL England.
Contact: quickbookspr@ogilvy.com, (+44) 07826 548 551
View original content: https://www.prnewswire.co.uk/news-releases/over-2-in-3-small-business-owners-already-feel-burnt-out-in-first-week- of-2023-intuit-quickbooks-research-shows-301728090.html