Problems Faced by UK IT Businesses in 2024

business problems

We all know that there are always problems to be solved when running a business. Some say that's all it is. One client has a complaint, another isn't paying his last invoice and won't tell you why. Yet another seems to have vansihed off the face of the planet. To a certain extent, that's just the way it goes.

The last few years have been tougher than most for many with geopolitcal issues adding to the usual everyday problems. Brexit, the pandemic, war in Europe.

According to a recent survey by Natwest three in five business owners say they found 2023 one of their most challenging in business. 

NatWest polled hundreds of business leaders to give an insight into their shared experiences. The survey reveals that generating new business (37%), rising operational costs (32%) and balancing work and personal life (32%) top the list.

The survey also reveals that many businesses are showing a healthy appetite for growth. Two thirds of British business owners surveyed (67%) reported that they looking to grow their business, by focusing on areas including product diversification (27%), market expansion (27%), their digital presence and e-commerce (26%), and financial management (27%).

Generating new business therefore tops the list of the biggest challenges to business owners.

The 10 Biggest Business Issues according to business owners: 

  1. Finding new business
  2. Rising costs
  3. Balancing work and personal life
  4. Reducing costs
  5. Keeping up with technology
  6. Competition from other businesses
  7. Cash flow issues
  8. Managing staff mental health and emotional wellbeing
  9. Hiring and retaining skilled employees
  10. Supply chain

Do you agree with this list? Let us know in the comments.

Source: Natwest Group