The latest biannual MYOB Business Monitor survey has found that small business owners are increasingly achieving their desired work/life balance.
According to the survey of more than 1,000 SME owners, nearly two-thirds (65 per cent) said they were satisfied or very satisfied with their balance in working hours – an impressive rise of 14 per cent from the previous survey.
However, attracting and managing talent remains a key struggle for the majority of business operators, with the ability to find new staff being the main pain point for more than one in four respondents.
“As small businesses are also employers, there’s a clear message here. To retain key staff, giving people some flexibility and autonomy is going to be really important,” said MYOB CEO Tim Reed.
“It seems small business is really delivering on this point, with more than two thirds [68 per cent] utilising teleworking in their businesses. Teleworking was more likely to be used by franchisors, construction and trades and business, professional services and property businesses.”
According to the survey, 39 per cent of respondents went into business for themselves as a means of controlling their own destiny. The next most popular reasons were wanting flexibility at work and being passionate about their work.
“Less than one in five [19 per cent] prioritized growth as a long-term goal,” Mr Reed added.