The owners of business services firms in the UK are spreading themselves too thin by taking on so many different roles within their own company, according to new research* by invoice finance specialist Bibby Financial Services.
The findings for the sector, which includes recruitment firms, paint a picture of business owners as extreme multi-taskers who spend more than half their time chasing payments and securing finance on top of the day-to-day running of their firms, while taking on more and more responsibilities due to pressures from the downturn.
The survey reveals that 73 per cent of business owners are taking on the responsibility of dealing with suppliers themselves, 48 per cent are busy trying to secure finance for their business, 54 per cent are chasing payments from customers and 53 per cent are pursuing new business leads or opportunities.
While business owners are well aware that wearing a range of different hats is par for the course, the findings highlight the full extent to which many have to take on extra roles.
The research also shows that 41 per cent are taking on cleaning duties around the office, 42 per cent find themselves in charge of the stationery order and just under a quarter (24 per cent) say they have to make deliveries or collections.
Sharon Wiltshire, recruitment finance specialist at Bibby Financial Services, says: “Working closely with so many firms from the business services sector, we have a clear understanding of the pressures business owners are under.
“Our latest Business Factors Index, which tracks the performance of our nearly 4,000 strong UK client base reveals many business services firms are struggling to grow in this post recession climate, with 8 out of 10 (81 per cent) admitting they are fairing no better than a year ago – an indication of just how difficult trading conditions are.
“The impact of this is that many owners are taking on greater responsibility, spending more and more time chasing payments, dealing with suppliers and securing funding, in addition to their many other duties.
”For many small and medium-sized enterprises in the sector cash really is king and ensuring finances and cash flow are in order has to be a priority. Outsourcing tasks to specialist organisations such as invoice financiers, which can offer comprehensive credit control services and flexible funding solutions, can really help free up business owners time, allowing them to get on with the important job of running of their business.
