Owning an SME may well take away opportunities from your personal life, according to the 2018 International Business Festival, with plenty of leaders missing out
Many individuals look into launching their own business to be the boss and to make the rules of a healthy work-life balance. However, new research reveals that the sheer passion of self-ownership may in fact turn out to be the boss of you.
After surveying 500 SME owners, the 2018 International Business Festival found that 76% simply don’t have the time to grant themselves holiday. And in a kiss of death for romance, 65% said they do not have enough time for dating, while 48% admitted to never seeing enough of their partners. Moreover, out of those managing to go further in family life, 27% revealed they don’t spend enough time with their children.
Given the love and care SMEs demand, their parents are naturally more prone to business burnout. Indeed, to keep the cradle rocking, 54% of business owners admitted to burning the midnight oil and staying at work beyond 10pm. Unsurprisingly, 41% of the night owls lack proper sleep and 31% often run out of time for exercise, demonstrating an impact on mental and physical health.
Commenting on the findings Max Steinberg, chair of the 2018 International Business Festival, said: “SMEs are often called the ‘engine room of the UK economy’ but it’s clear they are at risk of running out of fuel. Striking the right balance between your business and personal life is challenging but vital to the effective running of a business.
“Many individuals establish their own companies to focus on their passion but to also achieve greater work-life balance that their 9-5 job does not allow. Not only is there a risk that they will lose heart when the entrepreneurial reality doesn’t live up to this dream but there are important business benefits from being well-rested and minimising stress.”
Although business growth is highly exciting, it’s important to take time out for a personal life too. An entrepreneur having a breather will not only decrease stress personally but the time away will only have a positive impact on the company, creating a new lease of life for the individual as well as ideas and staff.