Owners of Small Retail Businesses see Marked Increase in Working Hours

Posted on 15 August, 2013 by Kirsten Kennedy

Although the economy has drastically improved since the start of 2013, many SMEs across all industries are still finding it difficult to achieve the results seen before the recession hit in 2008. As a result, the owners of these smaller firms are putting in longer and longer hours at the office in a bid to increase profit margins substantially.

This is especially pertinent for small business owners in the retail industry, as new research has revealed that they remain in the workplace 59 per cent longer than the average British worker. In fact, participating retail owners clocked up an astonishing 51 hours per week during the course of the research.

The study was commissioned by Penelope, a call handling solution for small businesses. Co-founder Ed Reeves believes that the results are a demonstration of “the hard work being invested by small business owners.”

He continues; “Being the owner and operator of a small business means taking on multiple roles and being everything to every customer.

“Many of these owners are both time and cash strapped and they need to make the most of every day because the amount of time being squeezed into the working week is enormous.”

It certainly appears that a willingness to make their business succeed in financial terms is the motivation behind these excessive hours to the majority of small retailers. 64 per cent of participants in the study claimed that they would prefer to have more money than time, thus showcasing an ever-present anxiety which the recession instilled in so many SMEs.

Yet this desire to protect their business financially could be just the thing standing between owners and success. By hiring more staff in order to bring fresh perspectives to everyday challenges and ensure all tasks are taken care of in a timely manner, bosses could see revenues increase dramatically – however, this would involve allocating higher percentages of their budget to wages.

Unfortunately, it appears that this trend of working longer hours is set to continue. According to recent employment statistics released by the ONS, there was an increase in hours worked during the past three months of 0.3 per cent, indicating that, while wages may not be going up noticeably, working hours most definitely are.

The real question that must be asked, then, is how small retailers can access the assistance required for both financial security and business growth. With government initiatives piling the pressure on banks and building societies to begin lending in earnest, perhaps the time has never been better to apply for additional funds to help with staff growth.

After all, even the busiest business owner needs to sleep – and by putting in fewer hours at work, maybe they could even find the time to do so!

Do you think there is enough support available for small business owners?




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Interest Rates Impact on Commercial Property

Commercial Property Investment Outlook for 2023

The best places to stay on the Riviera

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants