UK Small Business Owners Take on Extra Roles, Working Three Days Extra a Week
A recent poll of 1,000 SME owners in the UK has revealed that 73 per cent of them find themselves wearing more hats than they had initially anticipated. The survey highlighted that 84 per cent of small business owners feel the need to be a ‘Jack of all trades’ in their workplaces, taking on various roles from accountant to social media manager.
The study found that the typical small business owner juggles at least five different responsibilities, with tasks ranging from accounting to marketing. Over a third (34 per cent) have had to learn social media promotion, and 21 per cent had to quickly familiarise themselves with legal matters. Additionally, 39 per cent found themselves delving into marketing, while 28 per cent ended up taking on cleaning duties within their businesses.
The research was conducted by AXA UK as part of its ‘Being self-employed shouldn’t be a risk’ campaign, aiming to offer support to SME owners in navigating their daily work challenges. Tara Foley, CEO of AXA UK, acknowledged the difficulties faced by small business owners, especially sole traders, in managing multiple aspects of their businesses alone.
According to the survey, small business owners estimate working the equivalent of three extra days per week outside their regular hours to accomplish all tasks. Alarmingly, 29 per cent admitted to making significant mistakes at work due to a lack of expertise in specific business areas. Furthermore, 46 per cent encounter daily challenges that require personal resolution, with 34 per cent admitting it’s impossible to excel in all areas of business.
Despite the demands, 26 per cent of respondents feel there is insufficient general assistance and advice available for business owners. Meanwhile, 17 per cent expressed concerns about lacking appropriate business insurance. While some (10 per cent) found running a business easier than expected, a significant portion (33 per cent) found the reality to be more challenging.
Top reasons cited for feeling like a ‘Jack of all trades’ included not having enough time to complete tasks (61 per cent), dealing with unpredictable cash flow (45 per cent), and struggling with work-life balance (44 per cent). AXA, which offers a 24/7 helpline, aims to provide a range of tools to assist small business owners in thriving in their ventures.
Overall, the survey shed light on the remarkable efforts SME owners put in to keep their businesses running smoothly, despite facing numerous challenges and taking on multiple roles simultaneously.