According to recent research from Worldpay, 70 per cent of UK small business owners do not have a good enough work-life balance to take a holiday.
One in five SME owners say they haven’t had more than a week off in the last three years. And for one in ten of these small businesses, even the idea of a few days leave is off-limits.
Worldpay’s research has found that the reality of juggling the day job with everything from finance, to HR, to chasing customers for payment can quickly become overwhelming. One of the first things to suffer from the heavy workload is an employers work-life balance.
Finance, cash-flow problems and paperwork top the list of business headaches, with the average small business owner spending the equivalent of 48 days per year on admin tasks, while more than 40 per cent average a six or seven day week just to stay afloat.
“Small business owners need a holiday more than most, but worries about sales, cashflow, and customer loyalty mean they often spend summer on the shop floor instead of the sun lounger,” said Dave Hobday, UK managing director, Worldpay.
The research also revealed that SME owners may not be using the most efficient tools to analyse and improve their businesses.
The study found that one in five small business owners use nothing more than a pen and paper to run their business. A third of SMEs admit they spend no time whatsoever analysing data about their business.
“Operational tasks are a fact of life, but there’s something wrong if they start becoming a barrier to growth, prosperity and happiness. Business owners need to find ways to take back control of their information to become more efficient, make smarter decisions, and get that well-earned break,” added David Hobday.