Owning and running a small business is a rewarding but demanding role, with many entrepreneurs working outside of traditional hours.
While the majority are willing to put the extra hours in to see their businesses thrive, these working patterns are unsustainable and can affect mental and physical health, personal life, and business performance.
New research by American Express * reveals that UK small business owners recognise the importance of frequent breaks to the success of their business and improving their work-life balance. Over eight out of ten small business leaders (82%) agree regular time off work is important for their wellbeing and over half (56%) think they and their business would benefit from more time away from the workplace.
Here’s what our research of small business owners revealed when it comes to work-life balance.
Hobbies help strike the right balance
One third (33%) of small business owners say that they stopped their hobby when they started running their own business, and nearly half (46%) admit feeling guilty about not spending enough time with family or friends.
Entrepreneurs know the value of investing time in something fun or rewarding that isn’t tied to working life – two thirds (66%) of small business owners would like to discover a new interest or hobby, and more than three quarters (78%) recognise that having a hobby helps to recharge. A regular activity like taking part in a new sport, for example, improves mental wellbeing which translates into increased productivity at work. In fact, three quarters (73%) of entrepreneurs agree hobbies make them better at their job.
Travel helps gain new perspectives
Nearly half (48%) of small business owners say they don’t take time off if they don’t have something planned. Booking a trip away can provide a much-needed incentive to have time off formally cemented into the diary.
Over a third of small business owners (35%) say travel allows them to improve their work-life balance, and they enjoy seeing new destinations and experiencing new cultures. Travelling to a new location can offer fresh perspectives and even spark inspiration for when entrepreneurs return to work.
Points earned from day-to-day business spending with an American Express Business Card® can be put towards a holiday or used to upgrade travel plans so small business leaders can enjoy a refreshing break away.
Use American Express points to switch off and recharge
At American Express, we want to help small business owners switch off and recharge so that they can benefit from the long-term success of their business, which is why we have launched a new Welcome Bonus on our Business Platinum Card.
Until 18 July, new Business Platinum Cardmembers can earn a Welcome Bonus of up to 40,000 Membership Rewards® points when they spend £12,000 in the first three months, plus an additional £100 statement credit.
Full terms and conditions apply. 18+ subject to status. For more information visit the Business Platinum Card sign up page
American Express Services Europe Limited has its registered office at Belgrave House, 76 Buckingham Palace Road, London, SW1W 9AX, United Kingdom. It is registered in England and Wales with Company Number 1833139 and authorised and regulated by the Financial Conduct Authority.
* American Express and Opinium surveyed 500 business owners and decision makers from companies of 0-49 employees. Fieldwork was undertaken between 23-30 January 2023.