Average small business owners now spend more than a quarter of their time battling red tape and regulations.
A survey of 500 SMEs by online printing company instantprint revealed that hurdles such as HR compliance, health and safety demands and pension admin are stopping owners from growing their enterprise. These distractions and other admin tasks eat up an average of 10 hours of the working week.
One in 10 business owners has less than an hour a week earmarked for business growth, while 8% say they struggle to find any time at all. Employment law surrounding working hours and holiday allowance was also mentioned as a significant blight on work efficiency.
James Kinsella, co-founder of instantprint said: “We all know how it feels to fight the clock. There are only so many hours in the day to get everything done and SMEs are feeling the squeeze.
“It’s interesting to see from the research that while factors such as admin and staff management have an impact on productivity, it is the management of our hours, minutes and seconds that have the biggest effect on the running of a successful enterprise.”
More than half (53%) of those polled feel their minutes ebbing away under work admin and report writing, and 30% are unable to find the time they need to run their business effectively.
A third of business owners could use a hand managing their finances to save time, while 22% feel that responding to customer service concerns could be streamlined. A quarter of business owners believe they could improve the efficiency of their SME by hiring more staff, while 1 in 10 want to automate the invoicing process to cut down on financial management.
When it comes to the balance between old and new, 35% favour the priorities of their existing customers, compared to the 23% who prefer to seek out new opportunities. Just 16% said that increasing turnover was the most important aspect of their business, yet more than half measure the success of their business based on their gross profit.
When asked to consider their most important business asset, one in two considered a good reputation in the industry a vital component of running a successful SME. This compares to 1 in 10 business owners who prioritised their product, and 16% who put their employees on top. 45% have increased their business growth by expanding their target market, while a third diversified their product or service.
One in two business owners feel most productive before 12pm, while just over a quarter operate at their best between midday and the 3pm mid-afternoon slump. 46% have a tea or coffee on the go to power them through their daily tasks, and a third put on their favourite playlist to get them in the zone.
And if you have a work slog ahead of you, solitary confinement is the way to go. 27% of business owners hit their stride when working alone, compared to the 17% who operate best as part of a team.
James Kinsella added: “Every business is unique, but improving time management and optimising working hours can only bring positive outcomes to the UK’s SMEs.”
