Research has found that 65% of SME owners do not have time to date.
When owning a business, it becomes as important as taking care of a baby and in most cases, it does become just like their baby. All businesses need care, time and nurturing which means it takes a lot of focus and patience from a business owner. According to the 2018 International Business Festival, business owners are missing out on enjoying their personal life.
During the 2018 International Business Festival 500 SME owners were surveyed, the research revealed that 76% do not have the time to enjoy a holiday, 65% admitted they can’t find the time to date while 48% said they do not see enough of their partners with a further 27% saying they don’t have enough time to spend with their children.
Growing a business requires full focus and of those who took part in the survey 54% announced that they have stayed in work past 10pm. As well as not having enough hours in the day for a social life, 41% said that they are not having the right amount of sleep while 31% declared they have no time for exercising which is causing an effect on their mental and physical health.
Chair of the 2018 International Business Festival, Max Steinberg comments;
“SMEs are often called the ‘engine room of the UK economy’ but it’s clear they are at risk of running out of fuel. Striking the right balance between your business and personal life is challenging but vital to the effective running of a business.
“Many individuals establish their own companies to focus on their passion but to also achieve greater work-life balance that their 9-5 job does not allow. Not only is there a risk that they will lose hear when entrepreneurial reality doesn’t live up to this dream but there are important business benefits from being well-rested and minimising stress.”
Managing Director of Businesscomparison.com, Philip Brennan also shares;
“We all like the idea of being ‘our own boss’ however, the reality is that the grass is not always greener on the other side. There are benefits to the 9-5pm routine such as being able to go on holiday and know the business will carry on without you. From the out set of your business you need to set up rules and stay disciplined. If you plan you will be more efficient, planning includes your own time and own goals. Family life and exercise will make you happier and keep you motivated. It is easier said than done but we all need to step back from time to time and review our working and personal lives.”