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Gloucestershire Business News

One in six business owners become ill over financial worries, according to new study

The need for constant online connectivity and financial worries are making business owners ill, according to a new study.

The UK Office for National Statistics says the country lost more than 45 million working days to work-related stress, anxiety and depression in the past three years - and this year is set to be the worst on record.

One in six business owners are becoming ill over financial worries, often caused by the need to manage online business 24/7, claims a study for business innovation charity Nesta, backed by the Competition and Markets Authority.

Many small business owners say it is more stressful than ever to run a business, with entrepreneurs are spending an average of five hours a week of their personal time managing financial matters.

Indeed, 42 per cent of business owners say finances are their biggest source of stress, with one in five spending more than eight hours a week on the task. Unsurprisingly this stress is taking its toll, with one in six (17 per cent) saying it has made them unwell.

This week's Small Business Advice Week aims to help SMEs run more efficiently by providing tried and tested advice that works, to avoid business owners burning out.

RateSetter Business Finance recently found that 44 per cent of SMEs have never even requested a credit check on their business, showing how daunting it can be to seek finance advice.

Many businesses are losing money in small ways, adding up to large totals.

Research from EDF Energy shows that nearly a third (29 per cent) of business owners don't know how much of their annual outgoings relate to energy bills, this could account for a huge loss.

Other utilities such as Wi-Fi are just as crucial, and often overlooked. Many small businesses assume they can't afford to offer Wi-Fi to their customers, despite XLN finding that almost a third of customers would be more likely to visit high street shops if they had Wi-Fi access.

There will be several video interviews and advice clips being uploaded on to the Small Business Advice Week website throughout the week.

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