A good spouse can be priceless when it comes to business success
With the landscape remaining tougher than ever for small businesses, despite the recent package of measures announced by the Chancellor, the latest research from Bibby Financial Services has found that having a supportive spouse can make all the difference when it comes to business success or failure.
The research found that over a third (38%) of business owners’ partners believe that working weekends is par for the course when your other half is running their own business, with 44 per cent of spouses stating that their partner being late home is part and parcel of life with an entrepreneur.
As well as understanding the sacrifices their partners have to make to keep their business healthy in one of the toughest economic climates for over a decade, these understanding spouses are also working on an unpaid basis to ensure the success of their partners business. In fact, these ‘unseen heroes’ contribute some £72 billion per year to the UK economy by helping out their partner, equating to over 230 million unpaid hours every month.
This level of support and commitment from Britain’s small business spouses is just as well given that over three quarters (81%) of business owners let work regularly spill out of the office and into their home life. Unfortunately entrepreneurs best intentions to spend more time with their families are often interrupted by work, with almost half (45%) of spouses reporting that their partner works while watching TV, over a quarter (26%) working while eating dinner and a further 10 per cent even try to catch up with office work in bed!
In spite of entrepreneurs’ best efforts however, their other halves do not always agree on what is deemed an acceptable sacrifice in the name of business. More than half (52%) of business owners believe it is appropriate to spend less time with friends and family when the business demands it, compared with just 18 per cent of spouses. In addition, almost half (49%) claim spending less time with their partner is acceptable while only 14 per cent of spouses agree.
And the one-time sacred annual family holiday is not exempt from work pressures either with four in 10 (40%) business owners regarding it as acceptable not to take holidays in the pursuit of commercial success, compared to just 12 per cent of their partners. Of those entrepreneurs that do manage to get away, a third (33%) of business owners take work with them on holiday.
While spouses remain committed to supporting their partner in achieving their business goals, almost a quarter (24%) report that arguments are caused by their other halves thinking about work too much, and almost a third (29%) have fallen out with their partner due to the lack of help with chores around the home.
With over three quarters (87%) of spouses let down by their partners between one and four times a year when it comes to social engagements, it is clear that the blurring of work life and family life when running your own business can be a source of contention between couples. This is further exacerbated by the fact that more than half (54%) of entrepreneurs report they work between 6-9 hours a day when in fact their spouses claim they actually work on average over 10 hours a day.
David Robertson, global chief executive, Bibby Financial Services, said
“With the current economic climate providing a huge challenge for small business owners and managers, having a strong support network of family and friends in place has never been so important. Most entrepreneurs’ other halves understand only too well that certain sacrifices are needed and there sometimes has to be a trade-off between family life and work life to achieve business success, particularly at present.
“That said, it is important to try and achieve a sense of balance when it comes to drawing the line between work and personal life. While being in business is tougher than ever, it’s impossible to put a price on health or time with the family. Ultimately, those business owners and managers who are ‘fit for the challenge’ both mentally and physically are those who will have the stamina to lead their business through the difficult periods and reap the rewards that follow.”
Posted December 8, 2008
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