Did you know that there is at least one point of the year that UK entrepreneurs give up hope whilst running their business?
Although money is the biggest incentive to run the business it is also a weakness which causes overwhelming stress. A survey conducted by Haines Watts which was sent to 514 business owners found that 53% believe their biggest worry is finance along with the 43% who said it’s their workload while 42% said it was the drain on their passion for the business.
59% of those who took part see their work-life as unbalanced which can have an effect on their mental health. A staggering 70 per cent revealed that they toy with the idea of “doing something else.”
Due to business owners taking their work related issues home it has caused 38% to say that their relationships with their partners have also taken a bad turn because of how much they put into their business. And 30% even say that the same thing happens with their children.
Of those who responded, there was a geographical split which found that 45% of businesses in London and the South East give up hope for a period of time each year, throughout the North East, 27% and businesses living in the North West, 24%.
Taking money out of the equation, 52% of business owners who responded used to look to their family when seeking motivation when their rough patch arrives while 40% named their obligation as a boss and 39% believe looking back to the beginning of their journey is what builds motivation for them.
Regional Managing partner at Haines Watts, Michael Davidson comments;
“Our research shows that money is one of the most common reasons why business owners find themselves in a spiral of stress, which can dampen their motivation. Part of this stems from business owners attempting to tackle financial difficulties, such as cash flow problems, growing pains and over-expansion, as they arise rather than planning for them in advance.
“But is doesn’t have to be this way. Business owners need to create time to step back and plan for the future. This often starts with short, medium and long term business planning and then building a strong management team to help deliver the plan and keep the wheels turning.”