Business Owners
Halal Incorp, Staff Writer
Business owners are finding it increasingly challenging to manage their administrative tasks, including tax-related responsibilities. A recent poll of 500 small and medium-sized enterprises (SMEs) revealed that 33% of business owners feel there are not enough hours in a day to complete all their administrative duties, adding significant pressure to their daily work. In an ideal scenario, these entrepreneurs would like to have an additional 20 hours per week to tackle their to-do lists, but in reality, they only manage to free up 90 minutes. As a result, 43% end up taking their administrative work home, while only 16% derive any enjoyment from it.
Business Owners
Among the most time-consuming tasks cited by business owners were dealing with tax (29%), managing cash flow (20%), and addressing supply chain issues (18%). To shed light on the challenges faced by small business owners at the start of their journey, business insurance company Superscript collaborated with an expert. Kate Hardcastle, a specialist in start-ups, highlighted common grievances faced by SMEs, such as unwanted stress, taking financial risks, and making tough decisions that no one else wants to handle. One of the major pitfalls Kate emphasized was the unrealistic expectations that many entrepreneurs have when running a business. She also stressed that the rewards of running a business extend beyond financial success and results, highlighting the importance of emotional well-being.
Business Owners
Startups often struggle with managing their investments during their initial stages, overspending on equipment, staff, or stock. To combat this, business owners should maintain control over their expenses and adopt a sensible approach. Additionally, the fear of failure is a genuine concern, but entrepreneurs can alleviate pressure and protect their businesses by surrounding themselves with a “dream team” of experts in various aspects of the business.
When asked what aspects of business they wish were simpler, 20% of respondents mentioned the hiring process for staff, while 14% sought assistance with managing and buying insurance. Nevertheless, for 88% of those polled, technology has proven to be a great aid in streamlining business administrative tasks. Working long hours (24%), handling paperwork (13%), and chasing payments (14%) were identified as some of the most challenging aspects of running a business.
Business Owners
Despite the challenges, an overwhelming 86% of business owners believe that becoming an entrepreneur was the best decision they ever made. To complement their research, Superscript created ‘SME City,’ an engaging 80s-inspired retro game where players navigate the hurdles of running a business. Top scorers on the leaderboard have the chance to win prizes, including up to £200 in ‘life:style’ gift vouchers, redeemable with over 125 brands, on a quarterly basis.
Mai Fenton, CMO for Superscript, expressed that starting a business is no easy feat, and the retro-inspired SME City game was designed to capture the essence of these challenges. The research indicates that while administrative tasks may be daunting for business owners, the majority are optimistic about technology’s potential to simplify these chores and ease the burden. Despite the unforeseen obstacles, the fulfilling results of running a successful business make it all worthwhile in the end.
Source: Click Here