Small and medium-sized business leaders in the UK are increasingly overburdened with responsibilities outside their core expertise – with SME directors spending around 10 hours each working week on tasks they are not trained for, according to new data.
The findings, from Virgin Media O2 Business, surveyed 2,000 small business owners, founders, managing directors and CEOs. The responses point to mounting stress and workload pressures, with 76 percent of SME leaders stating that these demands are negatively affecting their mental health. Over half (51%) say they feel more stressed now than when they first launched their business.
For 54 percent of respondents, time spent on unfamiliar tasks now exceeds that spent on areas they are qualified in. Many are acting simultaneously as CEO, HR manager, IT support and finance lead. This multitasking burden is compounding stress and leaving little time for rest or recovery, as 96 percent of respondents said they regularly check emails or resolve business issues outside standard working hours.
Lack of rest and support impacts mental health
The demands of wearing multiple hats are limiting SME leaders’ ability to take proper time off. One in four work more than 50 hours per week, and 21 percent say they have not taken two consecutive days off in the last six months. The pressure to keep businesses running, combined with a perceived lack of support, is creating a culture of overwork among SME leadership.
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When asked what prevents them from better managing their mental health, 35 percent of respondents cited a lack of time, while 28 percent said they could not afford to take time off. A further 25 percent said their business could not function without them and 26 percent admitted feeling guilty for prioritising themselves.
Ross Pearson, Head of Small Enterprise at Virgin Media O2 Business, said, “The pressures on the shoulders of the SME community are enormous, especially as many make difficult business decisions and are often stretched across many different areas. SME leaders have always been known for ‘wearing multiple hats’, but in today’s business landscape, the term has a new meaning.”
Technology challenges driving further pressure
Technology is a growing source of stress for many SME leaders. The study found that 89 percent of respondents reported a direct correlation between tech issues and a decline in their wellbeing. One in three (33%) said they have lost sleep over technology-related concerns.
More than half (53%) experienced significant stress, lost time or revenue due to tech problems within the past month. Issues cited include cybersecurity threats, system crashes, data breaches and general technical failures. Despite these risks, 32 percent of respondents admitted they rely on guesswork when making tech-related decisions.
The consequences of these problems are broad. Tech downtime not only impacts productivity, reported by 31 percent of respondents, but also results in financial losses for 37 percent of SMEs. The stress from such incidents compounds the already high workload and mental toll facing business leaders.
