New research from Virgin Media O2 Business reveals small and medium sized enterprise (SME) directors are spending an average of 10 hours per working week on tasks outside of their core expertise, as recent ONS data shows falling UK employment levels.
The added workload is taking a significant toll on SME leaders’ mental health with 76% saying it negatively impacts their wellbeing, and 51% saying they are more stressed now compared to when they started their business. For the one in two (54%) SME leaders having to spend more time on unfamiliar tasks than those they’re trained for, the pressure to wear multiple hats is clearly taking its toll.
The research of 2,000 small business owners, founders, MDs, and CEOs commissioned by Virgin Media O2 Business in support of World Wellbeing Week highlights the impact of multiple role responsibilities on SME leaders.
On any given day, two-thirds (76%) of SME directors report being the CEO, HR manager, IT support and finance director. Appointed the go-to person for problems they don’t really know how to solve (59%), the data reveals SME leaders are overloaded and struggle to switch off. 96% check emails or deal with business issues outside of normal hours, and one-in-four (25%) work over 50 hours a week on average. Despite the significant strains and large workloads, 21% haven’t taken two consecutive days off within the last six months.
Time is referenced as the biggest factor stopping SME leaders from taking better care of their mental health. Over a third (35%) say they don’t have enough time, and 28% say they can’t afford to take time off. A quarter say the business can’t function without them and that they feel guilty prioritising themselves (26%).
Tech-related stresses directly correlate to wellbeing declines for 89%, with one-in-three (33%) SME leaders losing sleep at night over tech worries. Over half (53%) of SME directors have had to deal with a tech issue causing significant stress, lost time, or revenue impacts in the last month alone. Cybersecurity threats, data breaches, system crashes and technical failures are all cited as causes of significant stress (79%), as 32% admit to relying on guesswork when making tech decisions. Tech downtime costs money businesses can’t afford (37%), sees productivity suffer (31%) and takes a personal toll.
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. The latest data from Virgin Media O2 Business reveals the toll of added responsibilities, with action needed to support leader wellbeing and mental health.”