Small business owners in the UK are taking on additional roles and working three extra days a week, according to a study reported by Wales Online. The research, which surveyed 1,000 SME owners, revealed that 73% of them are shouldering more responsibilities than they initially expected. A staggering 84% feel the need to be a ‘Jack of all trades’ in their workplaces, handling multiple tasks ranging from accounting to social media management.
The survey highlighted that on average, a small business owner fulfils at least five distinct roles within their business. Among the various skills they’ve had to acquire, 34% had to learn social media promotion, 21% rapidly picked up knowledge about legal matters, and 39% delved into marketing. Furthermore, 28% found themselves performing cleaning duties alongside their usual roles.
The study was conducted by AXA UK as part of their ‘Being self-employed shouldn’t be a risk’ campaign, aimed at supporting SME owners in their daily operations. Tara Foley, the CEO of AXA UK, acknowledged the challenges faced by small business owners, especially sole traders who balance multiple responsibilities.
According to the findings, SME business owners devote the equivalent of three extra days per week to working overtime beyond their regular hours. Nearly a third (29%) admitted to making significant mistakes at work due to their lack of expertise in specific areas, highlighting the challenges they encounter daily. While 46% regularly deal with issues that require resolution and acknowledge the impossibility of being skilled in every aspect of business.
The survey also revealed that 26% of SME owners feel there is insufficient general support and advice available to them, with 17% expressing concerns about inadequacies in their business insurance coverage. Despite this, one in ten respondents considered running their business easier than anticipated, while 33% found the reality more challenging.
The primary reasons cited for feeling like a ‘Jack of all trades’ included having insufficient time to complete tasks (61%), dealing with unpredictable cash flow (45%), and struggling with maintaining a work-life balance (44%). Tara Foley emphasised AXA’s commitment to assisting small business owners by providing them with a range of business tools to help them thrive in their ventures.
The study underscores the immense dedication and adaptability displayed by small business owners across the UK as they navigate the complexities of running their enterprises. In a landscape where versatility and multifaceted expertise are essential, these individuals continue to exemplify resilience and determination in the face of diverse challenges.