The rise of technology and other tools was meant to make running a business easier, but it seems Australian business owners are more worried than ever.
A new report from Intuit has found that 49 per cent of SMB owners say they find balancing their business and home life a significant challenge because they’re too busy worrying about work.
Rich Walker of Intuit Australia said that trying to achieve a healthy work/life balance has become a worry in itself for many business owners.
“Other worries include completing taxes correctly to avoid fines, keeping on top of debtors and creditors, and not having the flexibility to work at their own style and pace,” Walker said.
The report discovered that Gen Ys are finding it particularly difficult to balance work and home time. 55 per cent said they find it challenging, compared to just 44 per cent of baby boomers surveyed.
Debating work/life balance has become a business cliché, but behind the cliché lies the truth that minimising stress in the workplace and finding a good balance between work and relaxation is essential to good mental health, and it shouldn’t be understated.
Here are some tips on how to get there:
Embrace cloud technology
Three in 4 small business owners believe they would save around an hour each day if they could complete small admin and management tasks on the go outside the office – adding up to about 32 days a year.
“For SMBs struggling to balance business and home life, saving an hour a day by using cloud-based systems and mobile technologies to tackle business management tasks on the go can help lessen an already very heavy load,” Walker said.
While smartphones are a great tool for keeping on top of work while outside the office, smartphones also mean it’s easy to forget to switch off. Just quickly checking your email here, posting a status on your business’ Facebook page there – your smartphone will control you if you let it.
Completing small tasks on your commute is fine, but home time means switching off. Turn off phone and tablet notifications outside of your work hours – email, Facebook, Twitter, LinkedIn.
Apply for grants
Unsurprisingly, money is one of the biggest worries for the majority of business owners, but there’s a solution for that too.
There are a variety of grants available for all kinds of small businesses from different sources. The Australian Government has an online tool to help business owners find appropriate grants, while Intuit is also awarding $1,000 grants through its Love Our Local Business scheme.