Many workers dream about one day running their own business and being their own boss but for the nationís 3.8 million small business owners and managers, life has never been so tough, and the stress levels are getting worse.
According to the latest Bibby Financial Services research, over two thirds (70 per cent) of owners and managers find running their own business far more stressful than working for others, suggesting that Britainís bosses are under more pressure than ever as they struggle with the huge responsibilities involved with running a business.
A significant 92 per cent of bosses experience stress levels in their daily working lives, with over a quarter (26 per cent) feeling stressed all or most of the time.
The impact of this pressure is considerable, nearly seven in 10 respondents (68 per cent) admit to having taken wrong business decisions whilst feeling stressed that has cost their business money. In fact, 56 per cent of entrepreneurs have lost up to 1,000 due to errors made when under pressure, whilst a further three per cent have cost their business more than 10,000. With stress-related absences from work now amounting to 6.5 million working days a year and an estimated 3.8 billion in lost revenues*, the total cost to the UK economy is significant.
David Robertson, Chief Executive of Bibby Financial Services, the UKís leading independent business finance provider said, ìEvery day, a quarter of a million people take time off work due to stress and it is now the second biggest occupational health problem, after chronic back pain**. Stress levels can run particularly high in smaller businesses, where there are fewer members of staff with higher levels of responsibility, tighter margins and where mistakes can prove potentially more damaging to the firm.
ìBusiness owners and managers work harder than anyone else in their firm and are under tremendous amounts of pressure not only to keep their business going, meet their customerís demands, maintain their cash flow and stay on top of what the competition is up to, but to keep up to speed with governmental legislation and unnecessary red tape.
ìOn the evidence of our survey, there are many business owners out there feeling stressed for large periods of time. The fact that stress affects decision making and ultimately, the bottom line, indicates that managers need to learn how to recognise the warning signs of stress, not only within themselves but in their staff as wellî.
To help address this, Bibby Financial Services has drawn up the following guidelines to enable owner managers to spot the tell tale signs of stress:
Increase in Staff Sickness? Watch out for staff taking frequent short spells off work ñ a rise in ìsickiesî should sound as a warning bell that morale and confidence is low, a sign that the pressure is getting too much
Poor Productivity? A reduction in staff output or a marked decrease in the quality of peopleís work is another clear warning sign that all is not well in the work environment and that stress is having a negative effect
Rising Team Tensions? If staff are stressed, they may start to take out their frustrations on each other. Look out for more arguments than usual and outward signs of irritability ñ these are sure-fire signs that stress is rearing its head
Paperwork Pileup? If the office has degenerated into a paperwork pileup, it could be an indication that staff are feeling so under pressure that they are unable to clear things up as they go about their work. This may seem a trivial sign, but an increase in workplace clutter can actually aggravate feelings of stress and increase negativity
Working Harder than Ever? If you find that you or your staff are getting into the office earlier and earlier and canít leave work at the end of the day or consistently feel unable to take breaks, then stress could be an underlying cause. It is also an indication that due to lack of concentration levels throughout the course of a normal working day, staff feel that they have to over compensate by staying late at work
David Robertson concludes, ìBy acknowledging the impact that stress can have on your business, the battle is already half won. Keeping a constant, vigilant eye out for the warning signs of stress will not only reduce pressure levels but will avoid costly errors in decision makingî.
Stress Epidemic Stifles Britains Bosses
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