Member Article

How motivated are North East business owners to continue running their companies?

Are you a business owner in the region? Have you ever questioned your commitment to running your business? If so, you may not be alone.

A study from chartered accountants Haines Watts has recently revealed that a quarter (27%) of North East company owners lose motivation to continue running their business at least once a year, compared to a national average of 35%.

While the motivation figure is below the national average, the study indicates that as many as one in four business owners in the region are still losing motivation.

Unsurprisingly, the research highlighted ‘financial worries’ as being a main source of stress as almost two thirds of respondents (62%) identified the category as their biggest worry.

Responsibility to staff (54%) and peaks and troughs in work (51%) were the categories company chiefs cited as other main worries.

Donna Bulmer, managing partner at Haines Watts, comments: “Our research shows that money is one of the most common reasons why business owners find themselves stressed, which can dampen their motivation.

“Part of this stems from business owners attempting to tackle financial difficulties, such as cash flow problems, growing pains and over-expansion, as they arise rather than planning for them in advance.

“But it doesn’t have to be this way. Business owners need to create time to step back and plan for the future. This often starts with short, medium and long term business planning and then building a strong management team to help deliver the plan and keep the wheels turning.”

The survey found that North East Business owners are working long hours to keep their enterprises going, adding to this undulating stress. Only 3% say their work-life balance is tipped towards life, while almost two thirds (57%) say it goes the other way.

The majority of business owners admit they sometimes “wish they were doing something else” (71 out of 100). This love-hate relationship with their job is damaging the health and wellbeing of UK business owners and their personal relationships.

According to business owners, running a business is detrimental to physical health (60 out of 100) and even more detrimental to mental health (70 out of 100). Business owners admit they find their position “emotionally exhausting” (73 out of 100), rising to 81 out of 100 for men.

Around a third of North East business owners reveal that their relationships with their partner (32%) and children (32%) have also suffered as a result of running a company.

When it comes to business owners rekindling their love for running their company, in the North East their own personal drive and responsibility to employees trump everything else.

Two thirds (67%) of North East business owners say personal drive and responsibility to employees re-motivates them, while 61% say remembering why they started the business in the first place gives them the drive to go on.

Bulmer added: “No amount of money is worth the cost of being pushed to breaking point, and yet business owners often don’t know where to turn for help.

“Personal drive is a key motivator for those pushed to the brink, but it’s also crucial for business owners to build a wider network of support so that they don’t become over reliant on themselves.

“Being able to discuss concerns and share advice with like-minded people can be a real life saver for business owners overshadowed by complex challenges and who, as a result, lack the will to go on.”

What do you think? Have you ever had concerns at running your business? Were you surprised by the statistics? Let us know your thoughts in the comments below.

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