How do you compare with other SME owners?

Research by NRMA Business Insurance has identified key facts about small business ownership, including working hours, annual leave and motivations.

According to the survey of more than 1,000 small business owners, most people operate their own business for matters of lifestyle rather than money.

Being your own boss was the most highly rated aspect of business ownership, with 66 per cent rating this. Workplace flexibility (63 per cent) and the sense of achievement derived from building your own company (52 per cent) also rated very highly.

Financial rewards, meanwhile, were cited by less than a quarter (24 per cent) of business owners.

But when it comes to the amount of time you spend at work, how do you compare with other business owners?

You may be surprised by some of the survey’s findings, including that:

• One in three business owners works more than 50 hours per week.
• However, 61 per cent take less than 10 days’ annual leave each year; 37 per cent take less than five days.
• Close to half (43 per cent) have missed important family events due to work.
• Business has put strains on personal relationships for 37 per cent of owners.

For more information on issues such as improving your time management and minimising stress, check out the My Business Podcast and articles such as 7 tips to avoiding burnout.


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