What Will It Profit A Business Owner To Gain A Client But Lose Their Soul?
Business owners are more concerned about maintaining a work life balance than they are about making a profit, a new study has revealed
UK small business owners worry more about maintaining a healthy work/life balance, than achieving a profit, according to a report by AXA PPP.
Just 18% of enterprise owners surveyed revealed that the thought of operating at a loss keeps them up at night, compared to 26% who are concerned their company is having a negative impact on their personal lives.
When quizzed about what gives them the most sleepless nights, respondents revealed that losing talented staff (29%) is a major concern, followed by skills shortages (24%), client demands (17%), lack of business growth (15%) and access to finance (13%).
When strictly talking finance, wages was cited as the top concern with 27% identifying paying employees as their biggest cost issue, followed by access to finance (22%), operational overheads (15%), and the ability to pay suppliers (15%).
Iain McMillan, small business director for AXA PPP healthcare, said:
“Running a small business is often exhilarating and many small businesses bosses wouldn’t change it for the world. But it’s rarely trouble-free and, by identifying and addressing the problems you can do something about and accepting that some things simply have to go on the back burner you can keep moving ahead.
‘Work can snowball – especially at this time of year – but with over a third of bosses recognising work/life balance as a leading priority it looks like positive New Year resolutions are starting early.’