Small business owners are sacrificing their personal well-being to ensure their business runs smoothly in the lead up to Christmas and deal with business pressures including cash flow, according to a new report.
Westpac, in collaboration with Deloitte, has released their Small Business Report for 2018 and its key findings include:
- Almost three in five (58 per cent) of small business said they expect to miss out on sleep due to work demands during the Christmas period.
- 63 per cent won’t have a chance to relax and wind down over the holiday season.
- 58 per cent will miss out on spending time with family and friends.
- Four in ten business owners will receive payments from debtors later over the Christmas period.
- Business owners spend 12 hours each week on compliance and regulatory tasks.
- Business owners will spend an average of eight hours per week seeking payment for outstanding invoices.
In comments obtained by Inside Small Business, Ganesh Chandrasekkar, General Manager of SME Banking at Westpac said, “We know that many small businesses are doing it tough and making significant sacrifices to keep their business running over Christmas. This is a timely reminder for all of us when we’re Christmas shopping to shop local and give back to the small business community because what they do is so vital to our economy.”
Despite the challenges, Mr Chandrasekkar said the report highlights that over one-third of businesses feel positive about the Christmas season.
“We found the businesses that experienced growth in sales, profitability and productivity were those that are ‘innovation active’. They tend to put effort into significantly improving their operations or offering new goods and services, and considering the big picture rather than the day to day of running a business,” he added.