Monday 29th Oct 2018
The real cost of owning a business; personal lives and well being explored
The majority of business owners find that the stress and responsibility of running a business has a negative impact on their personal lives away from work, new research has revealed.
The study, from Hitachi Capital Invoice Finance, shows almost half (46%) of business owners feel they miss out on ‘me time’, and over a third (39%) feel they miss out on family time.
When asked what are the current biggest fears and stresses of running a business, more than a third (37%) of business owners said not having enough sales or orders, followed by cashflow of the business (34%) and not delivering work on time (22%).
Findings also show how over a third of business owners (39%) rarely take a lunch break, and that 30% feel they lack human interaction and are guilty of checking their phone at mealtimes at home.
Of the 501 business owner surveyed, almost half (49%) have not taken a holiday in the last year, and 10% of those in the recruitment sector have never taken a holiday.
Older business owners (aged over 55) and sole traders tend to be less stressed and have fewer fears for their business. For example, business owners of this age are more likely not to be affected by anything due to stress or responsibility of the business (41%) and 38% of sole traders do not lack anything due to the stress of running their business.
London is the region where business owners suffer the most from stress and fear for their business, while those in the South East tend to be less stressed and have fewer fears.
Andy Dodd, Managing Director at Hitachi Capital Invoice Finance, commented:
“Running a business comes with considerable pressure as highlighted in our research and something I have experienced personally. It is easy to allow the many hats you have to wear as a business owner to subsume any work life balance you have.”
“One of the many issues business owners face is finding good people, surrounding yourself with a great team is important to ensure you have the confidence to take time away from the business to recharge your batteries and meet your personal commitments. Ensure you plan your resources well ahead of intended holidays and that your people have the requisite skills, roles and responsibilities to manage the business in your absence.”
To view the full breakdown of findings, including variations between sectors, regions, age and other demographics, please click here.
Head to our Invoice Finance page to find out how we can help your business.