Small businesses are working longer and longer hours to stave off the effects of the recession, according to a report by Abbey and Alliance & Leicester. It reveals that 34% of SME owners are working more than they were a year ago.
The overall picture is of hard-pressed businesses putting in extra hours. On average, SME owners work 47 hours a week, just squeaking in under the European Working Time limit of 48 hours. But one in three people (33%) in the survey said they did more than 50 hours and one in six (15%) clocked up 65 hours a week or more.
The recession is 'having a huge impact on small businesses in this country,' says Alliance & Leicester, 'and many owners are sacrificing their work-life balance by working longer hours as they struggle for the survival of their business'.
One can understand the pressure SMEs feel – insolvencies, for example, were up 39% in the second quarter of 2009 compared to the same period last year.
However, there is some hope on the horizon. Recent research by uSwitchforbusiness.com shows that SMEs are feeling more optimistic – 81% felt they could get through the downturn, up from 76% in the first quarter this year.
However, SME owners believe that it is going to take time to recover. Roughly a quarter of all respondents said that it would take 6 to 12 months; another quarter felt it would be more than a year, while 32% came in under 6 months. But let's end on a cheerful note: 14% said that it would take them no time at all to be back to business as usual.
Are you working longer hours and will you be able to get back to normal quickly? Drop us a line.
Results
Are you working more than 40 Hours a week?
Yes - its harder this year than last.
No - less than last year.
This poll closed on 26/11/2009
