Administration the biggest drain on SMEs, survey shows
Administration is having the most significant impact on the time of small business owners, according to a survey, with almost half of all business owners listing this as the most time-demanding activity.
The survey conducted by YouGov and commissioned by small business lender OnDeck asked 300 small business owners about their time management.
Forty-seven per cent of respondents said administration was the biggest drain on their time.
OnDeck chief executive Cameron Poolman said small business owners want to spend more time with the people they care about, but administration eats into that time significantly.
“Therefore, anything we can do to reduce that burden is good for small business. Whether it’s the government cutting red tape or making funding fast and easy, there are plenty of ways we can support the people who create around 70 per cent of employment in this country,” Mr Poolman said.
The surveyed showed many business owners were making sacrifices to be their own boss, with 40 per cent saying they had little social life, 28 per cent saying they worked long hours and 22 per cent admitting to neglecting their health, diet and fitness.
One in two also said work-life balance was an illusion for business owners.
“There are many rewarding things about running your own business. However, there are downsides as well. Long hours, red tape and lots of paperwork mean that many don’t feel like they have time to develop their business,” Mr Poolman said.
“One in two business owners wish they had more time to spend on growing their business. And the bigger the business, the harder it is, with 62 per cent of owners with more than $100,000 annual revenue [facing] this challenge.”