British entrepreneurs are clocking up 50 hours every week, according to a survey into the work life-balance culture of Britain’s small business managers by Bank of Scotland Business Banking.
The latest figure is an average increase of almost three hours per week compared to this time last year. Overall Britain’s 1.4million small businesses are collectively putting in 31.2million extra ‘working weeks’ each year. For many small business owners, the burden is only likely to increase - 26 per cent believe they will have to work longer hours for the remainder of the year as a result of the economic climate.
Among those who experienced the highest levels of annual growth last year, the average working week is significantly higher than those performing less well. For those growing at over 10 per cent a year the average working week is 52.3 hours. Small businesses in Scotland lead the long hours table with an average working week of almost 52 hours, compared to entrepreneurs in the South East who clock up 47 hours a week.
The survey also shows that the increasing work burden is having a detrimental effect on stress levels. Seventy-one per cent of small business owners claim to feel stressed by running and managing their business, compared to only 54 per cent last year.
Other findings from the work-life balance survey show that the considerable hours being invested by Britain’s entrepreneurs are biting into other aspects of their lives - 24 per cent are not likely to take a full week’s holiday this year.
Says Peter Wood, head of strategy and products at Bank of Scotland Business Banking: “Owning and running a small business is an extremely time-consuming but ultimately very rewarding experience. 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.”