Stressed Entrepreneurs Working 50 Hour Week
Small–business owners are being forced to work longer hours and scrap holiday plans to counteract the effects of the slowing economy, according to the Bank of Scotland (BoS).
The survey of 1,000 UK small firms revealed that business owners are now working an average 50 hour week – an increase of almost three hours per week compared to this time last year. In addition, it found that 24% of entrepreneurs are not planning to take a full week’s holiday this year.
However, the research also highlighted that the extra working hours are paying dividends. The survey found that small–business owners who had worked an average of 52 hours per week saw their business grow 10% or more a year in size, while those who worked an average of 46 hours per week only saw their firm grow by 5% per year. Chartered Institute of Personnel and Development (CIPD) adviser Frances Wilson said;
“Although there is a pressure to work long hours when times are tough, especially for SME owners, we could be in a period of downturn for some time so it’s important to manage stress levels and maintain health,”.
“If you can’t cut down on hours, consider if there are tasks that can be delegated to save you time, or whether you can bring in an extra pair of hands on a part–time basis,” she said. “Above all, people should try to prioritise and remember that it’s important to take time out, even if it’s just a short break during the day.”
BoS business banking associate director Harry Hussain, added:
“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.”