Working week gets longer for small business owners

Small business owners are working longer hours in the face of the current economic downturn, according to research by Abbey and Alliance & Leicester Business Banking. One in three (34%) small business owners say that they are now working longer hours than they were just one year ago.

The average amount of time a small business owner spends working is 47 hours per week, just one hour less than the maximum number of working hours permitted by the European Working Time Directive.  However, many are working much longer in order to maintain and develop their business, with a third (33%) of small business owners now working over 50 hours per week and one in six (15%) working in excess of 65 hours a week; the equivalent of a minimum of 13 hours per day over a five day working week.

With the number of insolvencies up by 39 per cent in the second quarter of 2009, compared to the same period in 2008, many small business owners are being forced to work longer hours, simply to keep their business afloat.

Paula Ickinger, Head of Business Banking Marketing at Abbey and Alliance & Leicester said: "The recession is having a huge impact on small businesses in this country and many owners are sacrificing their work-life balance by working longer hours as they struggle for the survival of their business.

"Not only do business owners have a very tough economic climate to contend with, they've also been burdened with mounting piles of red tape and bureaucracy at the same time, which can distract them from the running of their business.  They therefore need to make sure that they are getting as much help from their suppliers as they can, including their business bank."

Paula adds: "By ensuring they are with a business bank which provides the level of access they need at the best rates, small business owners could save thousands of pounds each year, which adds straight to the bottom line."

Abbey and Alliance & Leicester Business Banking offer very competitive business current accounts and deposit accounts. In addition, the bank's also offer a range of lending facilities to support businesses looking to grow.