Family-career balance key to small business success

A survey of 500 small business owners (1-15 employees) by MYOB Limited reveals that a balance between family and career is their top concern. In a fundamental shift of business attitudes, independence and freedom are taking the place of the profit driven work ethic.

The survey found that 62% of small business owners considered a balance between family and career the key measure of a successful business, while only 19% considered profit a top priority. Almost half (48%) said they would not be prepared to take on more stress, even if it meant more profit for their business. Only a quarter of respondents admired traditional "hard-nosed" business behaviour, compared to almost 60% who valued business knowledge closely followed by vision and imagination with 57%.

However, while the majority of small business owners aspire to achieve the elusive balance between home and work, the reality appears to be rather different. 46% say they suffer from stress and anxiety, with over a third (35%) missing out on quality time with the family.

Over two thirds (69%) believe there are never enough hours in a day to run their business, while 43% are stressed by lack of time in the day, more so than cash flow (29%) or red tape (29%). Interestingly, 71% of small business owners think others would describe them as relaxed and yet they have expressed high levels of stress. This suggests that they are focused on exuding an image of calm and are perhaps not managing their stress levels.

MYOB's survey results suggest that business owners are getting sucked into a time trap - and therefore would benefit from saving time and reducing stress. A quarter spend the equivalent of a working day a week, or ten weeks a year, on routine admin.

Evaluating alternative admin solutions could potentially reduce stress, increase productivity and give business owners more free time to spend with the family. If admin could be reduced, the main benefit would be increased efficiency and productivity and the ability to work fewer hours. Business owners could create more sales, improve customer service or focus on other opportunities.

Despite the challenge of gaining more time at home, the majority of businesses owners are pleased with their decision to set up on their own, with 83% citing that they enjoy running their own business. The best benefits of running a business are being your own boss (65%), a feeling of achievement/ self-fulfilment and the ability to work flexibly (45%). 36% stated that a sense of humour has contributed to their success.