Yorkshire Bank (part of the CYBG plc) has released new research that has highlighted the sacrifices 2,000 UK business owners from the country’s 10 largest cities make for the success of their company. This is the second wave of data released from the ‘Expect More’ research.
“The research compares insights into work-life balance, growth ambitions, innovation, dynamism, and diversity,” Yorkshire Bank reported.
“Across the country, 30% of UK business owners have sacrificed their work-life balance, and 37% admit to never enjoying a full weekend. The north, in particular, has 39% of business owners working a six-day week or more.”
16% of those surveyed revealed that their business has led to them cutting back on exercise, 20% had adopted a less healthy diet, and 25% revealed they had been sacrificing time with friends and family in order to run their business.
“The research shows the difficulties that many small business owners across the UK face, and touches on some of the sacrifices they make for the success of their business—sometimes to the detriment of their own health,” said Gavin Opperman, group banking business director at CYBG.
Yorkshire Bank made a point to highlight the differentiations made between regions. For example, Manchester proved to be home to the UK’s most active business owners, with 60% of them finding time to exercise several times a week. In comparison, 57% of Bristolian entrepreneurs revealed they exercised several times a week, followed by 56% of entrepreneurs asked in Edinburgh, Glasgow, and London.
The report continued: “Across the country, 30% of UK business owners have sacrificed their work-life balance, and 37% admit to never enjoying a full weekend. The north, in particular, has 39% of business owners working a six-day week or more.”
“In the first wave of data released from the research, it was revealed that 75% of business owners practice mindfulness techniques to help manage their stress. While this is incredibly encouraging, making sure you look after your physical health is just as important.”
42% of those nationally surveyed admitted that they regularly work more than 9 hours a day, which is 1.5 hours longer than the average working day. This means that 42% of those surveyed are working six-day weeks.
Opperman added: “In the first wave of data released from the research, it was revealed that 75% of business owners practice mindfulness techniques to help manage their stress. While this is incredibly encouraging, making sure you look after your physical health is just as important.”
Yorkshire Bank has noted that there is a significant gap between perception and reality when tallying the average hours actually worked.
In Birmingham, 54% of SME bosses reported that they worked more than 9 hours a day—but only 34% admitted to working six-day weeks. This means that a percentage of people are underestimating how much time they actually spend on their business every week.
Entrepreneurs in Liverpool proved to be serial offenders, with 13% of them admitting to regularly working 12-hour days.
With the rise in the likes of flexible working benefits, it is becoming increasingly important to the UK workforce to strike an equal balance between their work life and personal life. Of a certainty, UK business owners can do much to lead by example, rather than working to the detriment of their own physical and mental wellbeing.