Shropshire businesses must prepare carefully for the new tax year in order to ensure they’re operating as efficiently as possible…
Work/life balance proves tough
Small business owners are finding it harder than ever to maintain a healthy work-life balance. Two thirds of owners say it is a ‘constant challenge’ which is putting pressure on their family lives.
“A YouGov survey of more than 1,000 SME owners found that 44 per cent have missed at least one personal occasion because they were too busy running the business,” said Keith Higgins, from Dyke Yaxley.
“One in 10 have been unable to attend an anniversary celebration with their partner, or the wedding of a close friend or relative, and nearly a fifth have missed out on picking up their children from school.
“Many people find running a business much harder than they expected, having underestimated the amount of administrative work which needs to be done.
“The other most challenging tasks for business owners are accounting and tracking finances, and managing staff.
“Entrepreneurs need to concentrate on driving their core business; that’s why companies such as chartered accountants exist, to take the strain out of the financial accounting side of the business.
“It is also why companies such as Dyke Yaxley have seen their portfolio of services broaden quite dramatically in recent years, offering more than just accountancy, but specialist services in areas such as payroll, human resources, and IT support.”
According to the YouGov survey, many SME owners add to their own pressure through a reluctance to delegate tasks, and a need to be constantly ‘in control’ of what is going on.
Keith said: “Small businesses are the lifeblood of our economy, particularly in a county like Shropshire, so it is vital that owners retain their spark.
“They must not allow their enthusiasm to be diluted by the drudgery of time-consuming administrative tasks, and should aim to replicate the approach taken by larger firms, to put systems in place which allow the people at the top to spread the load.”
Dyke Yaxley’s Keith Higgins
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