A new YouGov study of small businesses in Australia has found the lengths that small-business owners go to and sacrifices they make to be successful in their ventures. The research, commissioned by Australian online lender Prospa, shows that more than half (54 per cent) of small-business owners spend six to seven days a week on their business, with one in four (28 per cent) working seven days a week.
Even when not at work, small-business owners continue to be engrossed, with almost three-quarters (73 per cent) agreeing that concerns around their business prevent them from relaxing during the holiday period. Overall, nine in 10 small-business owners feel distracted by work in other areas of their life. Nearly two-thirds say that it also affects their sleep. In addition to restless nights, four in five (79 per cent) business owners feel that at least occasionally they miss out on quality time with their family, with 28 per cent saying they miss out frequently.
According to the survey, the most common situations in which people are distracted by work are:
The report has found that it is small-business owners 18-49 years that feel the pressure more than their older counterparts. Younger small-business owners between 18-49 years are more than twice as likely (39 per cent) as those 50 years and over (16 per cent) to strongly agree that concerns around their business prevent them from relaxing during the holidays. Their dating lives are also impacted, with one in four under 50 saying that they have been distracted by work when on a date.
However, regardless of age, eight in ten (78 per cent) small-business owners say that at least some of their business worries are related to cashflow. Two-thirds (65 per cent) of small-business owners feel stressed during the holiday period because of cashflow problems in their business.
Furthermore, the more business owners worry about cashflow, the more likely they are to think about their business 24/7. The incidence of cashflow related worries also corresponds to small-business owners feeling that they more frequently miss out on quality family time.
Commenting on the findings, Prospa join-CEO Beau Bertoli said, “I’ve been a small-business owner and I’ve lived this. Concerns about cashflow during the holiday period can create a great deal of stress and distracts from spending quality time with family and friends.”
“Small-business owners make big sacrifices to build a better future for their families,” Bertoli added. Managing a small business takes its toll, and it can be difficult to switch off. We know this and offer solutions like simple access to finance and no repayments until the new year, so small-business owners can actually get a break.”