Top 10 Stresses Felt by Australian Business Owners This Time of Year?

Written on the 3 January 2019 by Nathan Drew, Fox Finance Group

Top 10 Stresses Felt by Australian Business Owners This Time of Year?

 

Top 10 Stresses Felt By Business Owners This Time of Year

In a recent study conducted with a small business lender in conjunction with YouGov, it has shown small business owners spend more time worrying about keeping their business open than they do actually enjoying their free time, with most of this worry related to cash flow in their business.

Do you suffer from some of these stresses below?

  • 54% of SME owners spend 6 to 7 days a week on their business, with 28% working seven days a week.

  • Even when not at work, almost three-quarters said concerns around their business prevented them from relaxing during holiday periods like Christmas.

  • 9 in 10 small business owners said they felt distracted by work in other areas of their life.

  • Nearly two thirds said it also affects their sleep.

  • 4 in 5 (79%) of business owners feel that at least occasionally they miss out on quality time with their family, with 28% saying they miss out frequently.

  • The report found that small business owners aged 18-49 years feel the pressure more than their older counterparts.

  • Small business owners between the ages of 18-49 years are more than twice as likely as those 50 years and over to strongly agree that concerns around their business prevent them from relaxing during the holidays.

  • Their dating lives are also impacted, with one in four people surveyed under 50 saying that they have been distracted by work when on a date.

  • Regardless of age, eight in ten (78%) small business owners say that at least some of their business worries are related to cash flow.

  • Two-thirds (65%) of small business owners feel stressed during the holiday period because of cash flow problems in their business.

The incidence of cash flow related worries also corresponds to small business owners feeling that they more frequently miss out on quality family time.

Commenting on the findings, Fox Finance Group Founder, Dan Fox said, "Brokers play an important role in being able to provide much needed valuable support to small business owners."

"Two-thirds are stressed and distracted by cash flow during different times of the year and for many different reasons. For example, invoice-based clients are dealing with slow payments and the quiet January period, creating a cashflow squeeze."

"December and January is the busiest time for most retailers and staff costs are high. Meanwhile, CBD cafes and shops see a noticeable drop in foot-traffic as regular customers flock to the beach."

So, if you consider yourself one of the many stressed-out business owners you don't have to feel that you are alone or that help is not on hand.

We may just have the solution to your cash flow woes right here and now.

Speak with one of our Business Lending Specialists today and let us help you with a well structure funding plan to get your business flying again in 2019!

Learn more about the Author Nathan Drew.


Author: Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance Group
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