12 October 2015 11:15
The positive effects of running your own business
SME business owners feel "fortunate and proud" to be their own boss according to new research into the realities of running a business.
AXA PPP Healthcare surveyed 500 owners of small businesses employing up to 30 people in June 2015. It found that 70% said they were "proud, inspired, content or fortunate to own their own business".
In addition, 58% said they appreciated the flexibility that comes with running their own business and 37% said they enjoyed greater freedom.
The research also showed that most business owners are multi-tasking on a regular basis. Although 81% said they focused on business strategy on a daily basis, 61% of owners also said they had day-to-day involvement in business operations, production and new business development; 59% handled sales and marketing; and 55% managed customer service.
Glen Parkinson, SME Business Director at AXA PPP Healthcare, said:
"It's good to see SME owners flourishing as a result of having their own business. Coming into work feeling inspired or fortunate is a great motivator and helps productivity and creativity to blossom."
However, 47% of small business owners said that the pressure of work spilled over into their home life and 35% said they could delegate more to improve the way they manage their business. Despite this, many SME owners do manage to switch off from work, with 36% doing so by spending time with their family and 22% taking exercise.
Delegation is key to reducing pressure said Parkinson.
"UK SME owners need to delegate more and only have daily involvement in those activities that truly need their expertise. Reducing their involvement in wider business activities and empowering their teams to do these tasks will help build trust and will hopefully prevent them from taking work pressure home. It is very encouraging to see small business owners are taking measures to achieve a reasonable work/life balance even through stressful periods."