UK Small Businesses Contribute £157bn to Global ‘After-Hours’ Economy
Small business owners have “sacrificed love, family and fun” to start up but have achieved a better work/life balance than the global average
The UK’s small and medium-sized enterprises are driving international growth, contributing over £157bn to the global after-hours economy, however they are sacrificing their personal life in order to do so.
The research, published in a global survey of 2,621 firms (303 UK businesses) by Sage, revealed that over a third of UK business owners have admitted to putting their company above their personal relationships with 48% having missed a family event for work.
However the majority (60%) said this sacrifice has been worth it, citing the ‘sense of achievement’ (38%), love for what they do (31%) and creating or maintaining a family business (22%) as the reason for this satisfaction.
Despite the long hours worked by UK business owners in the UK, entrepreneurs still maintain a better work/life balance than the rest of the world. Only 38% work more than 40 hours a week, compared to 57% of entrepreneurs in Germany and less than the global average of 46%.
Stephen Kelly, CEO of Sage, commented on the research:
“We know it takes hard work and human sacrifice to turn a dream business idea into a way of life. This survey highlights the extent of that commitment. It is the entrepreneurial spirit that makes the difference all over the world, and the contribution of these businesses that powers the global economy.
“We should do all we can to support these heroes and recognise all those hours of hard work they are putting in after the rest of the world has gone home.”