SME owners failing to achieve work life balance
ENTREPRENEURS across the region are working more than 50 hours a week according to new research.
The survey – which studied the work life-balance culture of Britain’s small business managers – revealed that Britain’s 1.4m small businesses are collectively putting in a staggering 31.2 million extra ‘working weeks’ each year.
For many small business owners, the burden is only likely to increase with a quarter (23%) in Yorkshire expecting to work longer hours for the remainder of the year as a result of the economic climate.
Among those who experienced the highest levels of annual growth last year, the average working week is significantly higher than those performing less well. For those growing at over 10% a year the average working week is 52.3 hours.
The survey – conducted by Bank of Scotland Business Banking – also shows that the increasing work burden is having a detrimental effect on stress levels.
Three quarters (75%) of small business owners in Yorkshire claim to feel stressed by running and managing their own business.
Other findings from the work-life balance survey show that the considerable hours being invested by the Yorkshire’s entrepreneurs are biting into other aspects of their lives, as a quarter (23%) of small business owners are not likely to take a full week’s holiday this year.
The low uptake of a traditional summer holiday is symptomatic of the time pressures being experienced by Yorkshire’s entrepreneurs, who only take an average of 13.5 days holiday per year.
Seven in ten (69%) take less than 20 holidays per year – the statutory minimum for UK employees – while a third (35%) takes less than 10 days holiday a year.
Small businesses in Scotland lead the long hours table with an average working week of almost 52 hours compared to entrepreneurs in the South East who clock up 47 hours a week.
Peter Wood, head of strategy and products at bank of Scotland business banking, said: “Contrary to the belief that Britain’s long hours culture is hindering productivity, it appears that those entrepreneurs who invest more time in their business are experiencing higher growth. However, with long hours accompanying above-average stress levels, there is a clear downside to the pursuit of success for some small business owners.
“The real problem lies not so much in the long hours but in the burden of responsibilities faced by entrepreneurs trying to run a business in today’s commercial environment. To stem the tide of rising stress levels, it is vital that these businesses receive the best possible support and service from their suppliers, professional advisers and from Government, so that they can focus on the core job or running their business.”
