Time poverty isn’t new. It’s a very real concern for the owners of ‘small to medium enterprises (SME)’ worldwide. The all too common mantra ‘if only I had more time’ echoes up and down the land from SMEs of all shapes and purposes with good reason.
Spare time is a rare commodity and it’s getting rarer. A recent member survey by the Forum of Private Business (FPB) revealed that despite a positive outlook for the year ahead, 36% of SMEs believed that spare time will continue to be a major challenge as they look to manage their business and realise their growth plans over the next 12 months. These concerns came out ahead of income and expertise in the survey. These findings were also reflected in similar business polls that continued to suggest that whilst the UK's SMEs are focussed on keeping customers and winning new business, all too often many business owners are still being drawn into operational aspects of the business such as HR, IT, finance or training.
Based on survey results and published hints and tips from its website, the FPB advised SME owners to identify areas in which they can personally bring the most assistance to their businesses. Simultaneously they would need to earmark other aspects for future or current employees or suppliers to take ownership. Some companies reported that it’s more cost-effective to outsource rather than to employ somebody in the early stages. According to the survey, 30% of SME owners would rather outsource IT services, for example, than HR, training or financial management. Unsurprisingly, winning new business continued to be the biggest priority for UK SMEs, particularly as owners look to take advantage of the opportunities brought about by the improved economy.
The survey also revealed that many SME owners can find it hard to entrust parts of their business to a contractor or new employee they haven’t worked with before. The FPB advised that it’s often helpful to get recommendations from friends and business contacts, after all growing a one-person company without employing extra help could hinder it in the long-term if the owner is struggling to manage the time and work priorities.
Reducing distractions is another good way to win back some spare time. By learning to be unavailable sometimes a good portion of work could be done. This can be effectively achieved by turning off telephones and limiting access to the Internet for a portion of the working day.