Lack of time and money means that many small business owners are at risk of burnout because they're unable to take a proper break, even when they are ill.
Many of the UK's 5.51 million small business owners are too overworked and financially stretched to take a much-needed holiday, according to the results of a new survey by InsureandGo. The findings highlight the difficulty of maintaining a healthy work-life balance when you run your own business.
More than one in three entrepreneurs (35%) say they have not been able to take a two-week holiday, citing financial constraints and operational challenges as major barriers; 18% of business owners say they haven't taken an overseas holiday for years; 24% opt for shorter breaks, squeezing in a long weekend or a quick trip to minimise time away from work.
It seems that taking a holiday closer to home doesn't ease the pressure either, with 15% of business owners choosing to holiday in the UK so they can return to work quickly if needed. Others don't even manage that - the findings show that 7% of business owners don't take holidays at all, sending their families away while they remain at home to run the business.
"Small business owners are the backbone of the UK economy, but outside work they are parents and partners like everyone else - and it is of great concern that business pressures seem to be preventing them from enjoying holidays with their families. Our research suggests many small business owners could be running on empty, sacrificing their own wellbeing for the sake of their businesses - and this is not sustainable. Taking time away from work is not just beneficial for wellbeing, it's also important for long-term business success." Garry Nelson, head of corporate affairs, InsureandGo.
According to the poll, the main reasons that so many entrepreneurs feel unable to take a holiday are:
- 43% say they can't afford the financial hit of taking two weeks off.
- 24% say they wouldn't be able to fully switch off anyway.
- 22% feel even more stressed about their business when they are away than when they are working.
- 21% worry about the risk of illness or injury that could take them out of action for an extended period.
- 14% believe there is no one capable of managing their business in their absence.
No time to be ill for business owners
Meanwhile, research conducted by accounting software company FreeAgent has found that over three-quarters of small business owners (79%) continue to work through illness due to business demands, with financial pressures and a lack of formal workplace support also contributing to widespread burnout.
The survey of 1,086 UK small business owners highlights many of the major challenges facing the SME sector - including long working hours, rising costs and the burden of responsibility without the safety nets enjoyed by larger organisations. The findings show that 45% of SME leaders report that running their business has negatively impacted their mental and physical health and 45% are experiencing burnout due to their work.
Long hours are a key issue, with a fifth of respondents saying that they worked an average of 48-64 hours per week, well above the standard working week hours in the UK. Another factor contributing to mental health issues appears to be the lack of support that SME owners receive - with 43% saying they have to navigate the pressures of running a business alone. For micro-businesses, the absence of protections such as sick leave and pensions adds to this strain - 31% said they would like to see the government introduce more statutory protections for micro-business owners.
Without better support for business owners, economic growth may be at risk, with 26% of respondents worried that burnout and mental health challenges could affect their success over the next year.
"These survey findings on burnout and mental health highlight the key challenges for business owners that are still to be met, including easing the tax burden on SMEs, simplifying the overall tax system and providing more resources to help people manage their businesses more effectively. It's important that the government keeps the SME community front and centre when devising its business policies, so that small business owners are given the tools they need to thrive." Emily Coltman, chief accountant at FreeAgent.
Despite the pressures they face, 77% of respondents say they would still recommend running a small business as a career - a testament to the strength of the UK small business community.
Written by Rachel Miller.