SMEs working longer weeks
Aug 18 2008
British entrepreneurs are clocking up 50 hours every week, according to a survey on the work-life balance culture of Britain's small business managers.
Figures released by Bank of Scotland Business Banking show an increase of almost three hours per week compared to this time last year.
However, the survey of 1,003 business owners shows that the increasing work burden is having a detrimental effect on health, as seven in ten claim to feel stressed by running their own business compared to only half last year. In addition as many as a quarter are unlikely to take a full week’s holiday this year.
Peter Wood, head of strategy and products at Bank of Scotland, says: ‘Given that the stakes are so high, it comes as no surprise that Britain's entrepreneurs are burning the midnight oil to try and make a success of their business.
‘Unfortunately, however, there is a clear downside to the pursuit of success for some small business owners with increased stress levels.’
Wood adds that one of the biggest problems faced by small businesses is the burden of administration and regulation.
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