NetSuite: Businesses are learning to address major global challenges
A majority of UK workers and employers are optimistic about 2023, according to new research, as concerns about major global and financial issues appear to have eased slightly.
A report by accounting software giant NetSuite found that nearly three-quarters (71%) of business founders are more optimistic about their prospects for 2023 than they were the previous year.
Nearly half (47%) expect their business to grow in 2023 as tough economic conditions start to ease – although many realize things won’t change overnight.
The study of more than 2,100 UK business founders and workers found that the biggest challenges founders face are rising costs/inflation (62%), rising energy costs (50%) and knock-on effects of a recession (48%). While some of these numbers may seem high, NetSuite notes that inflation concerns are actually down 26% and recession fears are down 35% compared to 2022.
“When things look chaotic, what you need and what customers crave is visibility and control,” said Nicky Tozer, senior vice president of EMEA for Oracle NetSuite, at the company’s recent SuiteConnect event in London.
On the technology front, the study found that the cloud looks set to become a great ally for many businesses, with 72% of founders saying they are using cloud technology to address economic challenges – and almost all (94%) see benefits. Being able to run a business remotely, being able to do accurate financial reporting, and being able to automate processes like payroll and invoicing are cited as some of the biggest advantages of utilizing 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 UK workers plan to start their own business, and nearly two-thirds (64%) plan to do so within the next two years, with the hope of becoming their own boss and gaining confidence in themselves More control over your life is especially appealing.
“It’s encouraging to see so many business founders and employees taking a positive view of the year ahead,” Tozer added.
“Our research shows that founders are adapting to the ongoing risks of inflation and recession by doubling down on productivity, using cloud technology and facing pricing pressure head-on. Entrepreneurship in the UK shines brightly, with one in four workers currently Bringing an additional source of income to their day job is proof.”