As the long Easter weekend draws near, new research finds that most small business owners feel guilty about taking time off and one in five haven't had a week's holiday from their business in over a year.
New research has shed light on the lives of small business owners, revealing just how hard it is for them to disconnect from work. A poll of 1,000 UK small business owners, conducted by OnePoll for USwitch, has found that 78% of SME owners say they work during annual leave and 70% say they feel guilty taking time off from their business.
"SME owners are the backbone of the UK economy, but the pressure to always be 'on' takes its toll. Our data shows that many business owners are struggling to take time off, largely due to admin burdens and financial admin pressures." Andy Elder, Uswitch business current accounts expert.
The majority of entrepreneurs polled (65%) work between 30 to 50 hours per week, with almost half of them (40%) exceeding 40 working hours per week. Worryingly, the findings show that 19% have never taken a full week off from their business, raising concerns about long-term wellbeing. A similar number (19%) say they haven't had a week off in over a year.
The small business admin burden
A significant factor affecting the workload of small business owners seems to be the high volume of administrative tasks - one in four entrepreneurs spends between 11 to 15 hours a week on admin. The top three admin tasks that take up most of their time are:
- Email and managing their inbox (cited by 45%);
- Banking and finance (38%);
- Meetings (33%).
When it comes to financial management, over a third of business owners say they struggle to keep up with their accounts. Invoicing or chasing payments takes up the most time for 33% of respondents and 40% of SME owners say they have to chase payments every month. However, nearly a third of entrepreneurs (31%) report that accounting automation saves them between four and seven hours a week on admin.
The findings also suggest that business owners could be missing out on better banking deals, as 67% say they haven't switched business bank accounts in the past two years.
"With many business owners caught in a cycle of admin overload, financial management tasks, and long working hours, it's time to explore solutions that can help SMEs regain control of their time. By leveraging smarter financial management tools and automation, entrepreneurs can reclaim their time, reduce stress, and create more sustainable working patterns." Andy Elder, Uswitch business current accounts expert.
How to improve your work-life balance as a business owner
According to Andy Elder of USwitch, prioritising work-life balance is essential to long-term business success. He suggests that SME owners looking to reclaim their time should:
- Leverage automation tools such as accounting software and automated invoicing.
- Use business credit cards to manage cashflow and take advantage of rewards such as cashback and travel perks.
- Improve invoicing and payment processes by setting clear payment terms and using automated reminders.
- Outsource administrative tasks to ease workload pressures.
- Schedule breaks and time off by setting clear boundaries, such as designating no-work weekends.
Written by Rachel Miller.