Starting a business is often a dream come true and, for many business owners and managers, sacrifices are part of this dream. New research has uncovered the top three sacrifices SMB owners make for the sake of their business.
When MYOB surveyed more than a thousand SMB operators about the sacrifices they had made to support their business, more than 80 percent have had to make some sort of sacrifice since they started it.
These were the top three:
- Nearly two thirds (64 percent) have had to put in extra hours of work
- More than 50 percent has taken fewer holidays than they could have (53 percent) and 29 percent had not taken any holidays at all
- Nearly half had cut back on family and/or household expenses (45 percent).
What I found most interesting was the relationship between revenue results and sacrifices:
- Of those who had reported a decline in revenue in the last year, 56 percent had taken fewer holidays than they could have. This compared to 52 percent who had reported an increase in revenue
- Those who had not taken any holidays at all since they started in the business (29 percent) also struggled with revenue losses in the last year (37 percent). This compared to 26 percent who saw a revenue increase
- Of the business operators who had cut back on family and/or household expenses (45 percent), 54 percent reported a decline in revenue. This compared to 37 percent who saw a revenue increase
- Of those who experienced a rise in revenue in the last 12 months, 71 percent had worked extra hours. Almost the same proportion, 69 percent, saw their revenue fall despite working extra hours.
Make of that what you will…
It is clear that running a business is demanding, and owners/managers are willing to do what it takes to make it or even to simply stay afloat. Sadly, so many are sacrificing personal time, and some have not taken a break at all. This can have a significant impact on their wellbeing.
With more than two million SMBs in Australia playing a vital role in the economy and within the lives of millions of staff and their families, I have huge admiration and respect for the hard work and effort you put in. I am enthralled by your perseverance and commitment to start, manage and grow your business. My hat goes off to you.