According to new research, the 5.3 million owners of small businesses in the UK take a collective 2.5 million working days to manage their finances every month, which is leading to added stress.
This only equates to around half a day a month but, of the business owners polled, more than 30 per cent said they feel stressed about doing their finances at all, while 50 per cent admitted they lacked confidence in financial matters, leading to feelings of frustration. Many said they relied on friends or family members to do the books for them.
The micro-business owners and sole traders were also quizzed about what they liked most and least about running their own business, with 48 per cent saying that being their own boss and “not having to answer to anyone” was the biggest benefit.
Meanwhile, for 20 per cent, not being able to switch off was the worst aspect, while for 15 per cent, managing finances was the worst thing about being self-employed.
As one of the survey’s authors commented, it is clear that even those who feel confident managing their accounts still find it challenging at times and that the overwhelming majority of sole traders and small business owners would like to spend less time on it.
He added that, although half a day a month sounds reasonable for such a task, almost a third of those surveyed are spending longer than that, which is time they could be spending on doing what they love or, exploring growth opportunities.