<< back to previous page
Long hours do pay off in small business success
Thursday, 12 July 2007
Life after graduation
Professional & financial services
A new survey has shown that graduates looking to eventually create a successful small business will be faced with a longer working week than ever - but will reap the rewards if they do put in the extra graft.
The study into workplace balance was launched by Bank of Scotland Business Banking, and found that the average British small business manager is regularly clocking up a 47-hour working week, while also taking just 16.5 days holiday each year.
That equates to more than 24 million extra working weeks being put in by UK small business owners, but the survey confirmed a direct link between those companies working the longest working week and those enjoying the strongest levels of growth. For businesses whose yearly growth was more than ten per cent, the average working week was found to be around 51 hours.
"Contrary to the belief that Britain's long hours culture is hindering productivity, it appears that those entrepreneurs who invest more time in their business are experiencing higher growth," commented Kevin Gillett, Head of Bank of Scotland Business Banking However.
Mr Gillett also warned, however, of the downsides of such demanding workplace focus: "With long hours accompanying above-average stress levels, there is a clear downside to the pursuit of success for some small business owners."
Mr Gillett called on more support from both government and those within the industry to help ease the burden on small business-owners, allowing them to focus on their core business and stem growing stress levels.