UK small business owners are clocking up 50 working hours every week, according to a survey by Bank of Scotland Business Banking.
The study of 1,003 small business managers found the latest figure was an average increase of almost three hours per week compared with this time last year. For many small business owners, the burden is only likely to increase with a quarter (26%) believing that they will have work longer hours for the remainder of the year as a result of the tough economic climate.
The survey also shows that the increasing work burden is having a detrimental effect on stress levels. Seven in 10 small business owners claimed to feel stressed by running and managing their business, compared with about half (54%) last year.
Peter Wood, head of strategy and products at Bank of Scotland Business Banking, said: “Owning and running a small business is an extremely time-consuming but ultimately very rewarding experience. Given that the stakes are so high, it comes as no surprise that Britain’s entrepreneurs are burning the midnight oil to try and make a success of their business.
“Unfortunately, however, there is a clear downside to the pursuit of success for some small business owners with increased stress levels.”
