One in three SMB owners are positive about their ability to maintain a work/life balance, with many seeing success as finding a balance between making money and retaining a lifestyle.
According to a new MYOB Business monitor report, almost half of business owners believe their standard of living has improved over the last five years, and 40 percent of businesses are run by an owner working to achieve a range of lifestyle goals.
“Their motivation for running the business is very different to large enterprises – yes they want the business to be successful but they don’t want it to impact on their lifestyle,” MYOB General Manager Julian Smith said.
Smith said that whilst it’s good business owners have a wider definition of success, a lifestyle-focused business segment is not positive for the economy.
“Business owners that are lifestyle seekers have the lowest confidence in the Australian economy – with just 29 percent expecting to see improvement in the next 12 months.”
“They are also the least confident about future revenues, with just 30 percent expecting increased revenue in the next year, and have less work in the short term – just 24 percent reported an improved sales pipeline in the next three months.”
The report also found differences between industry sectors when it comes to maintaining work/life balance. Manufacturing and wholesaling appears to demand the most of business owners, with 39 percent saying work/life balance is a myth, followed by the retail and hospitality sector (38 percent), while the agriculture, forestry and fishing industry (37 percent) is most likely to see a work life balance as possible.
“…whatever your motivation – whether you want to build your company into a huge organisation, or just create a good job for yourself that gives you the freedom to do more of the things you love – the key to creating success at any level is to find ways to work more effectively, rather than just work more.”