Working fewer hours and investing in staff are key to business success, according to a report from auditor Kingston Smith and the Cranfield School of Management.
The report rated the tactics of ‘champion’ organisations – fast growing businesses – against their ‘static’ counterparts, termed as businesses just ‘treading water’.
It found that more than three-quarters of successful business managers worked 35-55 hours per week, while 86% of less successful owners were putting in 45-70 hours.
Similarly, 93% of champion bosses believed the quality of staff was the most important factor impacting on their financial performance. Only half of managers at static firms agreed.
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Fruitful companies were also more prepared to invest in staff training. Some 85% allocated over 2% of company turnover to improve their workforce, compared to 60% of less successful leaders.
Staff appraisals, gathering feedback and profit sharing were popular techniques among champion rated businesses.
