Small business owners - are you stressed out?
British entrepreneurs are clocking up over 47 hours every week, according to a survey into the work life-balance culture of Britain's small business managers by Bank of Scotland Business Banking. This equates to a staggering 24 million extra 'working weeks' put in collectively each year by the UK's 1.4m small businesses.
Small businesses in Yorkshire and Humberside lead the long hours table with an average working week of almost 50 hours compared to entrepreneurs in Wales who clock up 45 hours a week . Among those experiencing the highest levels of annual growth the average working week is significantly higher than those performing less well. For those growing at over 10% a year the average working week is 51 hours.
Other findings from the work-life balance survey show that the considerable hours being invested by Britain's entrepreneurs are biting into holiday time, as over half (53%) of Britain's owner-managers will not be taking a two week Summer break this year – 28% saying it is not very likely and 25% certain that they will not get a two-week break.
The low uptake of a traditional fortnight summer holiday is symptomatic of the time pressures being experienced by Britain's entrepreneurs, who only take an average of 16.5 days holiday per year. More than six in ten (65%) take less than 20 holidays per year – the statutory minimum for UK employees – while more than one in five (22%) take less than 10 days holiday a year.
Even those who manage to break free from the workplace are unable to completely switch off whilst on holiday. Over a quarter (26%) admits to either constantly thinking about their business or frequently checking in by phone or email.
The long hours being invested by Britain's small business owners appear to be taking their toll, as over half (54%) find the running and managing of their business stressful which, in turn, is having a negative impact on other aspects of their lives. Results show that:
- 41% admit that stress has damaged the quality of their home life
- 39% admit that stress has adversely affected their quality of life
- 36% admit that stress has adversely affected their relationship with friends and family.
- 32% admit that stress has adversely affected their health.
- 25% admit that stress has adversely affected the way they treat colleagues in the workplace.
Posted July 10, 2007
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