Being the boss, making money, building a brand, creating a legacy - these are the types of dreams all small business owners have. Of course, there are lots of perks to running your own company. Yet there are plenty of challenges to this role as well.
Recent reports have revealed that small business owners work hard to make their companies successful. Although it’s okay to be a hard worker, there are opportunities for improvement when it comes to work/life balance and overall business management.
Overworking: Day After Day
Professional associations completed research identifying that about half (49%) of small business owners are working between six to seven days each week, with one in five (20%) working a full seven days.
Business owners aren’t just working long hours but more than three quarters (76%) are also struggling with various areas of their company, specifically digital marketing (30%), IT/technology (31%), and finance/accounting (39%).
Other common frustrations come from people management (17%), sales techniques (20%), and debt collection or overdue invoices (20%).
Learning new skills accounts for a good portion of the extra hours business owners are working. Forty-three percent of small business owners are dedicating extra time to sharpen their skills. Small business owners (38%) say they’re missing out on opportunities to expand their business and one out of five (20%) reported cash flow problems that threatened the future of their company.
Respondents to a recent survey showed 90% of millennials are more likely to say their parts of their management abilities that need improvement, particularly in the areas of finance and accounting (52%), and people management (35%).
On the other hand, only 69% of baby boomers agree they have business management areas to strengthen. The baby boomer bosses break down the areas of improvement as needing work on finance and accounting (33%) and people management (8%).
Trials and Tribulations of Running a Small Business
There are current studies that show the emotional impact of running a small business. The survey stats report small business owners experience negative emotions, such as feeling burnt out or overwhelmed (38%), stress (40%), and frustration (44%).
Business owners usually start out excited, passionate, and inspired to build their empire. However, a lot of respondents (81%) said they made sacrifices to run their company, including cutting back on personal/free time (58%), hobbies (57%), and exercise (48%). Another disappointment is the lack of family time, including quality time with significant others.
Finally, 30% of small business owners have reported they even cut back on sleep to get the job done and stay focused.
It’s silly to lose any sleep over your business insurance when you can compare quotes online and look for the right balance of business insurance for your company.
Investing in the Future of a Small Business
Small business owners may be lacking in their work/life balance and they don’t seem interested in backing down. Many business owners revealed they want to improve their business skills, particularly in sales techniques (30%), financial literacy (30%), and digital marketing (31%). These three categories are where business owners feel have the greatest impact on the company’s growth.
When it comes to investments, 25% of small business owners surveyed stated that a marketing campaign could have a huge impact on helping their business flourish. Other business owners (17%) put the focus on hiring more staff and 13% said getting more professional equipment would contribute to future success.