The British Insurance Brokers’ Association (BIBA) conducted a survey of leaders of small and medium-sized enterprises (SMEs) with between 10 and 249 staff work. The research has revealed that they work 3 extra months in a year, over and above a 40 hour working week. On average SME leaders work 10 hours extra hours a week and this rises to 13.4 hours a week for those in the larger SMEs with 100 to 249 staff. The survey showed that back office tasks account for much of this additional workload.
- 90 minutes per week is spent on marketing
- 77 minutes on HR related activities
- 73 minutes per week is spent handling insurance
- 62 minutes is required to manage IT
- 37 minutes is taken by dealing with office supplies
“It is concerning to think that SMEs work an extra quarter of a year, effectively doing a full year’s work by October. Much of this time is spent on tasks that have nothing to do with their core business goals,” commented Steve White, Chief Executive of BIBA
This situation is the reason why specialist firms like Tarrant Green & Company exist to provide financial and management consultancy services, and even advice and training on IT systems for accounting. The support provided by our senior partner, Tarrant, can help reduce your workload as a business leader and increase the profitability of your business.