Over half of smaller business owners (55 per cent) say their company’s growth is being held back by the amount of time they have to dedicate to business administration, according to new research from the Federation of Small Businesses (FSB).
The findings show that a small business owner spends over 33 hours every month on internal business administration – that represents almost a quarter of an individual’s working hours. In addition, the average small business sees around 70 hours of employee time tied up in business admin alone.
Two-thirds of smaller businesses (67 per cent) say the administrative burden is preventing them from focusing on their business’ primary purpose.
The study reveals that three-quarters of business owners (76 per cent) spend more time than they would like on business compliance, tackling issues ranging from tax, employment law issues and insurance to dealing with workplace pensions, accounting tasks or health and safety issues.
FSB: Small firms spend four days per month battling red tape
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