Business owners are working 80 hours a week to keep their companies afloat, according to research from accountancy firm Tenon.
Business owners are working 80 hours a week to keep their companies afloat, according to research among 50 entrepreneurs from accountancy firm Tenon.
Carl Jackson, national head of Tenon’s business recovery arm, says, ‘The pressures for entrepreneurs are building as the financial crisis mounts with little chance of any respite until well into 2010 or even 2011. For many, this additional stress on top of an increased workload will prove too much for a sustained period of time.’
Since the start of the economic downturn, claims the study, entrepreneurs are putting in an extra two hours each weekday and six more hours during the weekend.
Adds Jackson, ‘Although we are likely to see a reduction in the next set of government insolvency statistics due out this week, this trend will not continue as entrepreneurs enter a winter of discontent.’
Frequently revising financial forecasts, managing cash flow effectively and cost cutting are among the chief pressures on business owners, finds the research.