Research conducted by AXA PPP healthcare found that almost another two thirds of businesses are thriving as a result of their own business, and another 58 per cent also recognised the flexibility in their business.
Over a third of SME’s said that owning a business also gave them a greater feeling of business, with 70 percent of business owners admitting that they are proud, inspired, content or fortunate to own their own business.
Business strategy was recognised as the area in which owners are involved in the most, with 81 per cent of business owners claiming that they are involved in this on a daily basis. More than a third of owners also believed they could delegate more to improve the way their business is run.
However, almost half of small business owners say that pressure from work effects life at home. Although, more than a third of business owners say they switch off from work by spending time with their family, and another 22 per cent said they switch off through exercise. Furthermore, almost two thirds of bosses admitted that they felt pressured every so often, and not all of the time.
Glen Parkinson, SME Business Director at AXA PPP healthcare, believes it is good that SME’s are finally going through a purple patch.
“It’s good to see SME owners flourishing as a result of having their own business. Coming into work feeling inspired or fortunate is a great motivator and helps productivity and creativity to blossom. And they are very positive about the future growth of their business, which is fantastic to see. The future looks bright for the UK’s SMEs, which is great news for the economy, as they are the backbone of our economic output.”
Parkinson also added that owners should only engage in activities that require their expertise instead of getting involved in the day to day running of their business.
“UK SME owners need to delegate more and only have daily involvement in those activities that truly need their expertise. Reducing their involvement in wider business activities and empowering their teams to do these tasks will help build trust and will hopefully prevent them from taking work pressure home. It is very encouraging to see small business owners are taking measures to achieve a reasonable work/life balance even through stressful periods.”
