Research by small business lender Prospa has found small business owners are sacrificing health and well being as they struggle to make time to relax due to business pressures.
One in four business owners reported working seven days a week to keep their business afloat. While three quarters suggest running their business impacts their ability to relax during the holidays. Eight in ten small business owners say that a significant proportion of their business worries are related to cash flow.
Small business owners 18-49 years are significantly more likely than their older counterparts to feel stressed during the holiday period because of cash flow problems in their business
Overall, nine in ten small business owners feel distracted by work in other areas of their life. Nearly two thirds say that it also affects their sleep. In addition to restless nights, four in five (79%) business owners feel that at least occasionally they miss out on quality time with their family, with 28% saying they miss out frequently.
Two-thirds (65 per cent) of small business owners feel stressed during the holiday period because of cash flow problems in their business.
The incidence of cash flow related worries also corresponds to small business owners feeling that they more frequently missing out.
According to the survey, the most common situations in which people are distracted by work are:
- While trying to sleep (68%)
- While spending time with their family (60%)
- While on a holiday (58%)
- While watching TV or movies (54%)
- While driving (39%)
Commenting on the findings, Prospa join-CEO Beau Bertoli said:
“I’ve been a small business owner and I’ve lived this. Concerns about cashflow during the holiday period can create a great deal of stress and distracts from spending quality time with family and friends.
“Small business owners make big sacrifices to build a better future for their families. Managing a small business takes its toll, and it can be difficult to switch off. We know this and offer solutions like simple access to finance and no repayments until the new year, so small business owners can actually get a break.”