SME owners heading for ‘burn-out’

Our forthcoming networking lunch will address the issue

Thousands of small or medium-sized business (SME) owners are heading towards burnout, with some going without a holiday for as long as five years, according to figures released today.

The analysis, carried out by Simply Business, the provider of SME business insurance, has found that time pressures and money concerns mean that almost one in 10 (9%) SME owners haven’t had a holiday for over five years.

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The survey spoke to over 500 small or medium-sized businesses, and paints a worrying picture of a nation struggling with the pressures of running a business alongside commitments outside of work.

There are multiple barriers for SME owners being able to take a considerable amount of time off work.

Money is the number one worry among small business owners in the UK, with three in five (62%) admitting that potential loss of earnings is the main issue that prevents them from taking time off of work.

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A third (35%) estimated that taking a holiday costs them at least £2,500 in lost earnings, while one in ten (8%) estimate they’re losing out on a whopping £5,000 or more for every holiday they take. One in five (19%) also admit to finding holidays stressful because they’re not bringing in any money.

Bea Montoya, chief operating officer at Simply Business, said: “UK productivity has consistently dropped for three consecutive quarters, most recently dropping 0.2% in Q1 2019 compared to the year before. This sustained phase of declining productivity represents a continuation of the UK’s ‘productivity puzzle’, with productivity since the economic downturn in 2008 growing slower than during the long period prior.

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“SMEs make up for 99% of all UK businesses and contribute a combined £2 trillion to our economy, which makes the findings of our recent research even more concerning. While a number of factors contribute to the ‘productivity puzzle’ we find ourselves in, this inability to switch off is having a huge consequence. If self-employed people reach burnout, it has the potential to have a real impact on the wider UK economy. Ultimately, their mental and physical health is on the line and productivity isn’t going to shoot back up when we have a nation of employers feeling burnt out.

“Taking a break from time to time to recharge the batteries is vital, and can be the catalyst for future growth. But, as our survey results show, this isn’t always easy for small business owners – with finances often a major blocker. That’s why we wanted to offer one lucky self-employed person the chance to win a holiday on us – to relax and avoid burning out this summer.”

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