Work-life balance a big issue for entrepreneurs, report finds
A survey of small business owners across Australia has found small business owners are sacrificing their work-life balance in order to achieve business success.
The survey of 921 SMEs conducted by CGU Insurance revealed whilst small business owners cited the freedom of making their own decisions as a strong indicator of success, many of these decisions are impacting their work-life balance.
Of those surveyed, 41 percent admitted to sacrificing their work life balance to achieve SMB success and 35 percent confirmed they were missing important social engagements in order to do so.
Kate Wellard, Small Business Spokesperson for CGU Insurance said the results confirmed the theory that many small business owners were sacrificing their emotional and physical wellbeing for their business.
“One of the biggest challenges of running a small business is finding a way to grow without it taking a toll on your personal life. Your happiness, and that of your family, shouldn’t have to take a backseat to your business, but the reality is there are only so many hours in the day,” Wellard said.
The CGU research also revealed many SMEs are struggling to get the help they need with one in five (20%) saying that attracting talent/accessing skilled workers is a key challenge.
Attracting and retaining customers and managing legal/compliance issues (such as insurance) are also major challenges (43% and 26%). It also showed while many SME owners are feeling ‘hopeful’ (32%) and ‘positive’ (22%), one in five are feeling ‘underappreciated’ (19%).
“Running a small business often means doing everything yourself, but this often isn’t conducive to a healthy business or a happy personal life. However, one of the best things about running your own business is that you are in the driver’s seat. You can make changes that will make a difference,” said Wellard.
“Our advice to small business owners searching for that elusive work-life balance is to look for ways to work smarter, not harder. Making sure you have the right support, both in terms of staff and professional advice when you need it can also make a huge difference. It can also free up more time for spending with family and friends or doing what you love.”
The top sacrifices of SME owners are:
Work-life balance – 41%
Job security – 38%
Missing out on important social events – 35%
Social isolation due to long working hours – 33%
Physical health – 17%