Skip to content
Search
AI Powered
Latest Stories

Cost of living crisis forces 70 per cent of small business owners to spend less time with family

Cost of living crisis forces 70 per cent of small business owners to spend less time with family
Photo: iStock
Getty Images/iStockphoto

Seven out of 10 small business owners (70%) have spent less time with family and friends while facing challenges caused by the cost-of-living crisis, according to a survey.

Nearly half of the entrepreneurs (46.6%) said their work/life balance had changed over the past 12 months and over one third (34%) said they have been forced to spend less time with a partner.


Before the cost-of-living crisis began just 23 per cent said they had stopped working at Christmas but 10 per cent more small businesses are set to close so owners can take a break.

Just over 60 per cent of 1,200 small business owners polled said spending time with family and friends was the best way to cope with stress during the busy Christmas period.

Exercise was the second most popular choice (49%) and 40 per cent of those polled said walking helped with stress.

“Our team have called the rise in small business owners taking time off at Christmas ‘The Bob Cratchit Effect’,” Lee Murphy, managing director of The Accountancy Partnership, who are based on Wirral, said.

“Cratchit pleads with his miserly boss Scrooge for time off to spend with his family in Charles Dickens classic A Christmas Carol. The research suggests we are a nation of Cratchit’s and despite the concerns caused by the cost-of-living crisis, the ways of Scrooge have not been adopted.”

Mental health issues are a serious concern with anxiety being a condition 45 per cent said they suffered to cope with while running their business.

Four in 10 admitted to suffering from burnout and 22 per cent had struggled with insomnia.

A bleak statistic from the survey by The Accountancy Partnership revealed 30 per cent of small business owners have become socially withdrawn because of running a business.

While 70.6 per cent said coping strategies hadn’t changed, there has been an increase in keeping fit for 54 per cent and 28 per cent said they had started to practice meditation to beat stress.

Hopes of a fresh start in the new year seem to be fading as falling sales haunt 53.6% of small business owners, with 44% concerned about inflation.

Increased business rates are a concern for 26.7 per cent and 25 per cent admitted to being worried about rising energy costs.

Sarah Merrington, head of the Mental Health at Work programme at Mind, said: “We know it can be difficult to prioritise your mental health.

“If you’re a small business owner, you don't have the support of employer mental health services and might have little time to spare to focus on yourself.

“The results expose a mental health crisis, with over half of respondents struggling with poor mental health in the last year, many experiencing insomnia, working long hours, and very rarely taking breaks - it’s a recipe for burnout.

“It's so important that self-employed people have somewhere to go for help.

“That's why, together with Simply Business, we have set up a free mental health hub which provides accessible, bespoke support, to enable the self-employed to make positive changes to their mental health.”

More for you

Glenshire Group appoints Dan Arrandale as property director

Glenshire Group appoints Dan Arrandale as property director

Scottish business conglomerate Glenshire Group has hired Daniel Arrandale as its new Property Director.

Starting in the newly created role last week, Arrandale brings a wealth of industry experience to the business, including his most recent position as Acquisitions Manager for Asda and his previous position as Development Manager at EG Group.

Keep ReadingShow less
Carlsberg Zero
Competition watchdog begins Carlsberg, Britvic merger probe
Competition watchdog begins Carlsberg, Britvic merger probe

Carlsberg shifts marketing focus as drinkers choose cheaper beer

Brewer Carlsberg is shifting some of its marketing focus to cheaper brands, it said on Thursday (31), as consumers in major markets bought cheaper beer and in reduced quantities.

The maker of Kronenbourg 1664, Tuborg and Somersby said beer sales volumes fell by 1.3 per cent in the third quarter, noting declines in China, France and the United Kingdom. Premium sales fell 0.5 per cent in the quarter."In Western Europe, there's no doubt that the average consumer is holding back," CEO Jacob Aarup-Andersen told Reuters.

Keep ReadingShow less
sustainability, zero waste store, refil lzone
Photo: iStock
Photo: iStock

Consumers value ethics though 'sustainability needs to be competitively priced'

Consumers now want a greater commitment from retailers in cutting food waste, refilling stations, sustainable packaging, and partnering with social purpose organisations, states a recent research, which also highlights that a good majority (69 per cent) of younger consumers are more likely to shop with what they see as socially responsible retailers though price sensitivity still plays a crucial role.

According to the findings, published in Vypr’s Consumer Horizon Report, reducing food waste is the most important factor for the majority of UK consumers (29 per cent), especially for Gen Z women aged 18-24 (38 per cent). More than a third (37 per cent) of men aged 18-24 said they needed food storage advice. A similar number of women aged 18-24 (33 per cent) want meal kits with the exact amount of ingredients included for them to cut down on food waste.

Keep ReadingShow less
Sugro-Wn-News.png
Sugro UK
Sugro UK

Sugro UK unveils new B2B digital enhancements to empower members, retailers

Sugro UK, the number one buying and marketing buying group*, in partnership with b2b.store, is thrilled to announce a further expansion of its existing E-Loyalty scheme programme, which has proven to be very popular with its members and retailers, by introducing E-Loyalty Extra Compliance and Execution scheme as well as E-Coupons.

The E-Loyalty Extra is aimed to boost compliance and execution at retail store level to drive new product launches, core range compliance, some exciting fixture trials with its supply partners and more! It will be available to all member owned and member affiliated retail stores within the group.

Keep ReadingShow less
Paulig acquires Panesar Foods

iStock image

Paulig acquires Panesar Foods

Expanding its footprint in the World Foods category, Paulig has acquired Panesar Foods, a prominent UK-based producer of sauces and condiments.

Founded in 1992 and headquartered in Tipton, Panesar Foods is a family-owned business with three production facilities, employing 308 staff and achieving a turnover of £59 million in the 2023 fiscal year.

Keep ReadingShow less