| Small Business Owners Scarifice Family Life |
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| Written by admin | |
| Saturday, 15 March 2008 | |
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A leading UK based accounting software company can today reveal that small business owners are making huge sacrifices at the expense of their families in order to ensure their businesses are getting off the ground and staying afloat. Of the 400 UK small business owners who took part in the KashFlow survey that asked; “what is the greatest sacrifice you have made in order to ensure your company succeeds?” 32% said that they often forego family time. This suggests that small business owners are struggling to manage an acceptable work/life balance putting a strain on family life due to the pressures of their business. The lack of family time may also coincide with the fact that the largest UK company classification is businesses with 0 employees, with 3,262,715* companies run single handed. Lack of finances may contribute to the fact that these companies are run alone, as 21% of small business owners said they had increased their personal debt levels and were relying more on credit cards. Finance, tax and VAT are big barriers for small businesses, not to mention administrative pressure and red tape. It is therefore not surprising that last year alone the number of individuals who went bankrupt or had an IVA was 26,072*. 18% of small business owners said that they now have less disposable income, which undoubtedly contributes to the fact that 8% that said they had not a holiday for years. 5% said that they had less of a social life since starting their businesses. These statistics are both linked to lack of funds and no spare time. As a result, it is not just the small business owners that are making sacrifices but also their families who are left to deal with the impact. The research would make it appear that quality family time is sacrificed as the business becomes the priority, due to the financial risk and investment tied up within it. |
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