There are plenty of people that want to be their own boss, but very few people that will actually put in the work it takes to do so. In a world that is fair and just, small business owners would be able to work a 40 hour week and not have to drive themselves crazy with the budgeting and time management of owning a business. However, this is far from the case. One of the reasons that the team at The Medical Link takes pride in the services that we offer is because we know that what we are providing to small business owners provides more time for them to focus on other aspects of their business. If you’re in denial and feel that you can truly manage all of the things that a small business owner is required to handle, here is a realistic look into what a schedule of a small business owner looks like once it’s in full swing.
The Average Week
A regular employee will work a 40 hour week with lunch breaks, maybe a few smaller breaks and some time to socialize when time allows for it. This work schedule can be a bit tedious for people as is, but quite honestly, the amount of time a small business owner spends working is absolutely more tedious than the time of a standard employee. When we looked at what business owners were working, we found that 33 percent of small business owners were working over 50 hours a week, 25 percent of small business owners were working over 60 hours a week, but that most small business owners can manage to fit their responsibilities in a little over 40 hours a week. Depending on your small business, how long you have been up and running and the number of employees that you have, the amount of time that you spend working could vary.
A Breakdown of A Standard Day
In a survey that was given to small business owners, most said that the most difficult time of the week is the beginning of the week, where there are plenty of tasks that need to be completed and issues that need to be addressed. While this load does lessen over the weekend, there are still occasional situations that do require a bit of work outside of the office.
As a business owner, it’s not uncommon to have hands in all parts of the company. After all, this is an investment that you had to work hard for, why wouldn’t you stay as involved as possible to ensure that you everything that is being done, is completed correctly. When you Breakdown the day here’s an idea of what it looks like.
34.2% – Business Services
The majority of the time is spent conducting services that will keep your business running smoothly. That means working with different management levels and the heads of departments to ensure that all other parts of the office are working as they need to in order to be successful.
21.1% – Managing Finances
It goes without saying that finances are going to play a major part in the area that you spend your time. Not only will you be focusing on the money that’s coming in, but you will spend quite a bit of time ensuring that all outsourced additions are paid. For instance, your electric bill, your mortgage or rent, your employees, your insurance, etc. This can be one of the most stressful parts of owning a small business as it requires a lot of check and balance on your end.
18.4% – Communicating
Communication is one of the biggest parts of a successful and smooth running business. That being said, roughly 18% of a small business owners day is spent communicating to ensure that everything is working as it should. This consists of sending and responding to emails, phone calls, and text messages as well as attending meetings or holding phone and video conferences.
Aside from these three primary time-consuming tasks, small business owners must also spend time managing other employees, working with administrative tasks, managing logistics and, on top of all that, ensuring that the business they’ve worked so hard to create remains cutthroat and competitive.
The Reality of It All
The fact of the matter is that the amount of time that small business owners have is precious and needs to be spent on the parts of the business that will fail without them. Luckily, there are plenty of ways to make the most of the time spent, and one of them is through a PEO company. The Medical Link focuses on all professional employer organization services. From payroll to HR services, we take care of it so that you don’t have to and are able to better spend your time. Start working with us so that we can start saving you time and money on the overall process of your business.