Every occupation comes with its own unique set of rewards and challenges, and this could not be more true for small business owners. Those who run their own company often find that the satisfaction of doing so is tempered by an incredibly hectic schedule, often at the price of missed holidays and breaks throughout the year.
But just how busy are small business owners around the world today? According to a recent poll by Gallup, one in five microbusiness owners in the US last year said they did not take any holiday in the last 12 months. Gallup classifies a microbusiness as one that has five or fewer workers, including the owner.
A further one-fifth (21 per cent) of respondents reported that they took a week or less of vacation in the past 12 months. It doesn't look like the figures will improve in the short-term future either - around one in ten (9 per cent) of microbusiness owners said they don't expect to take a holiday in the next 12 months.
Not surprisingly, microbusiness owners who reported taking small amounts of holiday per year said they suffered from a poor work/life balance and were less satisfied with their standard of living. Around a fifth (18 per cent) of all microbusiness owners said they "struggle to balance [their] work and personal life". However, this figure soared to almost a third (29 per cent) for those owners who reported taking no holiday last year.
Likewise, almost a third (32 per cent) of all microbusiness owners said they are "satisfied with [their] standard of living", but this proportion drops to 26 per cent for those who took no holiday in the past year.
A perennially busy schedule is one of the sacrifices most small businesses have to endure, especially in the earlier stages of the company - but with the right management, striking a good work/life balance is actually possible. It's all about looking, and planning, well ahead and putting measures in place to allow yourself some time off. For instance, timing your holiday to coincide with the slower holiday months can give you the perfect opportunity to take a week or two off, completely disconnected from your business.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].