Small Business Advice Week runs from the 1st to 5th September 2014. Tony Leahy, Bank of Cyprus UK, draws attention to retirement planning, an area that may not be top of the list of priorities for small business owners in the current climate.
“This year’s Small Business Advice Week offers the UK’s smallest businesses the chance to get advice and tips on all aspects of their business – including how to make the best of the current economic upturn.
“This upturn was reflected in our latest Owner Managed Business Barometer (OMB) Index, which swung to an overall positive figure (0.09) for the first time since it was launched in April 2013, demonstrating improved financial performance and confidence amongst small business owners.
“Naturally a priority for small business owners has been the recovery (and in some cases the survival) of their business in recent years. For this reason, we should not necessarily be surprised that our research data shows that just over a quarter (28%) of small business owners admit to having no retirement plan in place.
Indeed, just a third (34%) state that they regularly save into a pension or alternative savings vehicle for their retirement, with almost a tenth (9%) stating that their business premises will form the majority of their retirement income. In light of this, many small business owners potentially face a bleak retirement.
“Changes to the pensions regime announced in the last budget provide an opportunity for small business owners to revisit their retirement planning, perhaps taking advantage of the guidance that initiatives like Small Business Advice Week can offer”