Small Business owners are losing almost 5 weeks a year due to stress. According to a new survey conducted by OnePoll on behalf of Alarm.com found 35 percent of small business owners admitted that work worries follow them home five days a week or more. The study into the lives of 1,000 American small business owners found the average owner loses 44 minutes of productive work time every day due to worries about their business performance, security and other areas. This adds up to an incredible 191 hours over the course of a year — the equivalent of more than a month of working days. So, if the average business owner valued their time at only $50 per hour, it would be costing a small business almost $10,000 per year in lost business productivity.
So, what are small business owners worrying about? After “the economy”, the most frequent work worries are: cash-flow (37 percent), time management/getting everything done (35 percent), and bills (21 percent). The good news is that new technologies can help owners address and even solve many of the most common work worries,” says Anne Ferguson, vice-president of marketing at Alarm.com. Most small business owners say persistent worrying comes with the territory of owning a small business to the tune of 85%. But surprisingly, 74 percent of small business owners said they wouldn’t trade places with someone with a traditional 9-to-5 job, despite their work worries.
So what do small business owner think will solve their worries? According to respondents, the best solution is more business (49 percent), 26% a vacation, and 18% where efficiency tools. According to Ferguson, “Small businesses are often the first to adopt new tools like smart business security systems, which help owners cut costs, save time, automate troublesome tasks and stay in control even when they’re offsite.”
Contact us today for a free evaluation of your current situation. Let us help automate and reduce stress with unified channel reporting, cost reduction and automation, from payment processing to payroll and business capital; we can provide smother and less drastic swings in your business. Don’t follow the market or economy, set your business apart.
Calculations — Respondents lose approximately 44 minutes of productive time each workday to worries. That’s 220 minutes per week, or over the course of a year, 11,440 minutes (191 hours) and 23.8 – approximately 24 – eight hour work days. Given that respondents’ self-imposed hourly rate was roughly $50, respondents lose an average of $9,550 each year.
Credit: New York Time: https://nypost.com/2019/01/30/work-stress-is-costing-small-business-owners-thousands/