The cost-of-living crisis has compelled four in 10 business owners and decision makers to take on additional roles within their companies after having to let go of staff. A study involving 500 small business owners and decision makers estimates that they now wear an average of five different ‘hats’ each day, encompassing responsibilities such as managing finances, sales, and marketing.
Furthermore, these individuals find themselves involved in administrative tasks (32 percent), advertising (31 percent), and human resources (27 percent). However, despite their efforts, 61 percent admit to frequently feeling confused about managing their various responsibilities on a day-to-day basis.
Decision makers often encounter difficulties in areas such as cleaning (15 percent), operations (14 percent), and events (14 percent). The study also revealed that the most common concerns among management include managing business expenses (26 percent), staff pensions (25 percent), and ensuring fair wages (23 percent). Tax declarations, maternity and paternity schemes, and health and safety reports also pose challenges for those navigating the complexities of running a business.
The Struggles of Multitasking Sharon Ellis from Virgin Money, which conducted the study to introduce its new Marketplace tool, commented, “Running a business is not as straightforward as people might assume. There are numerous aspects to consider, from finance and accounts to HR, marketing, and sales – the list goes on. It is impossible to be equally skilled in all areas, but the results show that many decision makers and even business owners have had to dabble in various domains to keep things running smoothly.”
Ellis continued, “We understand that small business owners have limited time and are seeking new ways to navigate the ever-changing business landscape. That’s why we launched Marketplace. We aim to make the lives of business owners a bit easier by offering support in areas such as tax returns, invoicing, HR administration, and insurance.”
The study also found that owners and bosses take on additional roles due to reasons such as staff being on furlough (36 percent), sick leave (36 percent), or maternity leave (35 percent). However, 62 percent believe that it is impossible to possess expertise in all areas of the business, and 38 percent admit to having made significant mistakes due to a lack of confidence in specific skills.
While 52 percent do not have a personal assistant, in an ideal scenario, a PA would manage meetings (40 percent), general administrative tasks (37 percent), and inboxes (37 percent). Some business owners have sought external assistance for technical issues (39 percent), setting up salary systems (37 percent), and tax declarations (33 percent).
Challenges of Daily Business Operations The study further revealed that 23 percent of respondents found the day-to-day management of a business to be more challenging than initially expected, resulting in feelings of stress (29 percent), fatigue (28 percent), and confusion (27 percent). Moreover, 28 percent have felt overworked, with respondents typically working outside of their contracted hours on four days of the week. Additionally, 45 percent work on weekends to ensure completion of tasks.
The traditional nine-to-five workday is no longer the norm, as the average business owner or decision maker starts work at 7:32 am and finishes at 5:57 pm. If provided with more spare time, 28 percent would spend it with family, while 24 percent would prioritize socializing.
To provide guidance on managing workloads and starting out in business, Virgin Money collaborated with TV presenter and finance expert James Max, who offered the following top tips:
- Do it now: Avoid postponing tasks that can be completed promptly.
- Write a list: Regularly update and prioritize your tasks, placing the most important ones at the top.
- Do it well, do it once: Strive for excellence in your work to avoid the need for rework.
- Attention to detail: Paying attention to small details leaves a positive impression on others.
- Be enthusiastic about your work: Remember that building a successful business takes time, and it’s essential to maintain a sustainable pace.
- Don’t lose hope: Set achievable goals and targets, striving for progress rather than stagnation.
- Focus on effective messaging: Utilize social and digital media to target your audience with clear and compelling messages.
- Express gratitude: Show appreciation to your team and colleagues for their contributions, acknowledging the difference they make.
- Problem-solving: How you handle challenges and resolve problems will define your reputation and the success of your business.
- Timely payments: Promptly pay your invoices, as it demonstrates reliability and fosters positive relationships.
Sam Allcock is the CEO of PR FIRE – PR & Content Marketing Platform
Talks about #pr, #blogs, #marketing, #socialmedia, and #pressrelease
Writes for The Dial in his own time.
