BUSINESS ADVICE
BUSINESS OWNERS PUSHED TO BREAKING POINT BY STRESS
A third( 37 %) of South West company owners completely lose motivation to continue running their business at least once a year, according to a new study by one of the country’ s top accountancy firms, Haines Watts.
This figure is slightly above the national average of 35 % and the research is based on interviews with 514 owners of UK businesses, that are at least two years old, with a turnover of between £ 1 million and £ 50 million.
Peaks and troughs in the volume of work is the main source of stress for business owners. This is, in turn, having an impact on their personal lives, including their work-life balance, health, wellbeing and relationships.
There are also significant regional differences in the findings. London, the South East and Welsh( 45 %) business owners are the most likely to lose motivation at least once a year, while North East( 27 %) and North West( 24 %) business owners are the least likely to experience this sapping of motivation. Key findings for South West businesses are:
• A third( 37 %) of business owners lose motivation at least once a year;
• 58 % identify peaks and troughs in the volume of work as a source of stress and a drain on their motivation.
• Financial worries( 51 %) are the second highest factor in becoming demotivated.
• Responsibility to staff( 47 %) also plays on the mind of business owners.
However, psychological research carried out by the Haines Watts team, reveals money is also a powerful positive influence whether or not they admit it, in getting back on track. In testing, 64 out of 100 business owners showed strong positive agreement that money is the biggest re-motivating factor. This rises to 85 out of 100 for the over 50s.
Mike Lloyd, managing partner at Haines Watts Swindon, said:“ Our research shows money is one of the most common reasons why business owners find themselves in a spiral of stress, which can dampen their
motivation.“ Part of this stems from business owners attempting to tackle financial difficulties, such as cash flow problems, growing pains and over-expansion, as they arise rather than planning for them in advance.
“ Business owners need to create time to step back and plan for the future. This often starts with short, medium and long term business planning and then building a strong management team to help deliver the plan and trusting them to do so.”
When it comes to business owners rekindling their love for their own businesses, personal drive and family come out as the two main reasons for moving forward.
Two thirds( 67 %) of South West business owners say their own personal drive and family re-motivates them, while 54 % cite their responsibility to their employees and money as key re-motivating factors.
Mike said:“ No amount of money is worth the cost of being pushed to breaking point, and yet business owners often don’ t know where to turn for help. It’ s crucial they build a wider network of support.
“ Being able to discuss concerns and share advice with like-minded people can be a real life saver for business owners overshadowed by complex challenges and who, as a result, lack the will to go on.”
One of the most challenging workplace issues, for any employer is how to correctly handle problems caused by an employee’ s ill health or absence from work.
With sickness absence costing a business an average of £ 500 per employee per annum; efficient employee management can reduce absences, ensuring that your organisation remains productive and competitive. Absenteeism, short or long-term, can have a real impact on your productivity and the profitability of your business; however it requires consistent and proactive management to ensure your employees are treated fairly and sympathetically. Proactive absence management can help employers to achieve cost savings and limit the risk of absence related claims.
It is essential that employers have systems in place to manage absenteeism in a timely and cost effective manner whilst ensuring that you are aware of your duties towards the absent employee, as their employer.
White Horse Employment is hosting an Employment Seminar on Thursday March 2 2017, 9.30am to 11.30am( Registration: 9.00am), at Cumberwell Park, Bradford-on- Avon
They have teamed up with Philip
For further details and a copy of the report visit: www. haineswatts-swindon. co. uk
Absenteeism...
The true cost and how to control it
Employer essentials briefing
McCabe, solicitor and head of employment at Spencers Solicitors, to deliver a FREE * seminar that will guide you through the complexities of the management of absenteeism and how best to handle it.
Delivered in plain English, by an employment law expert, the briefing will focus on:
• Short term persistent absenteeism- getting it under control
• Malingering and faking illness
• Taking medical advice- when and what to ask
• Consulting with the employee
• Looking for alternative jobs or changing duties
• How to handle dismissal and disciplinary action
• Obligations under the Equality Act 2010
• Pay and benefits whilst on sick leave.
To find out more and to book email: emma. roberts @ wh-employment. co. uk
* First delegate FREE, £ 20.00 plus VAT for each additional delegate attending from the same organisation.
** Closing date for bookings, Friday February 24 2017. Cancellations after this date may result in‘ Additional Delegates’ charges still being invoiced.
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THE BUSINESS EXCHANGE 2017 11