NetSuite: Businesses are learning to live with major global challenges
The majority of UK workers and employers are greeting 2023 with optimism as concerns about major global and financial problems appear to be easing somewhat, new research shows.
A report from accounting software giant NetSuite found that nearly three-quarters (71%) of company founders are more optimistic about their outlook in 2023 than they were the previous year.
Nearly half (47%) expect their business to grow in 2023 as tough economic conditions begin to ease – though many realize that things won’t change overnight.
Optimism for 2023
The survey of over 2,100 UK founders and employees found that the top challenges for founders are rising costs/inflation (62%), rising energy costs (50%) and the knock-on effects of a recession (48%). While some of these numbers may seem high, NetSuite notes that inflation worries are actually down 26% compared to 2022, while recession worries are down 35%.
“When conditions seem chaotic, you need visibility and control and what customers crave,” said Nicky Tozer, EMEA SVP at Oracle NetSuite, at the company’s recent SuiteConnect London event.
When it comes to technology, the research shows that the cloud looks set to become a critical ally for many companies. 72% of founders say they use cloud technology to overcome economic challenges – and almost all (94%) see the benefits. Being able to run their business remotely, perform accurate financial reporting, and automate processes such as payroll and invoicing 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 businesses, and nearly two-thirds (64%) plan to do so in the next two years, with the appeal of bossing their own company and gaining more control over their lives are particularly strong appeals.
“It is encouraging to see so many company founders and employees looking positively to the year ahead,” added Tozer.
“Our research suggests that founders are adapting to the ongoing risk of inflation and recession by doubling productivity, adopting cloud technology and coping with price pressures. The entrepreneurial spirit in the UK is shining brightly, as evidenced by the quarter of workers currently contributing additional sources of income to their day job.”