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