'No-cation' for small retailers
A new study has shown that small business owners in retail are among the UKs hardest workers, with 75% saying they do not have enough of a work-life balance to take a holiday.
The research by Worldpay found that one in five said they had not been able to take more than a week off in at least three years. In addition, one in ten said the idea of even a few days leave was off-limits, unless absolutely essential.
The study found that the reality of juggling the day job with everything from finance, to HR, to chasing customers for payment could quickly become overwhelming, with work-life balance the first thing to suffer.
Finance, cash-flow and paperwork topped the list of business headaches, with the average small business owner spending the equivalent of 48 days per year on administrative tasks. Over a fifth of small business owners in retail said they worked work seven days a week, with 36% enjoying ‘only’ a six day week, just to stay afloat.
Dave Hobday, UK managing director of Worldpay, said: “Small business owners need a holiday more than most, but worries about sales, cashflow, and customer loyalty mean they often spend summer on the shop floor instead of the sun lounger.
“Operational tasks are a fact of life, but there’s something wrong if they start becoming a barrier to growth, prosperity and happiness. Business owners need to find ways to take back control of their information to become more efficient, make smarter decisions, and get that well-earned break.”
According to Worldpay’s research, one in five small business owners use nothing more than a pen and paper to run their business. Just over a quarter of small retailers said they were so swamped by the day to day that they were unable to analyse even basic data to help grow their business, while across industry sectors, a third of SMEs admitted that they spend no time whatsoever analysing data about their business.
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