Sub-Optimal Time Management ‘Major Barrier To Growth Of SMEs’
Poor time management is the largest obstacle to growth among the UK’s small and medium-sized businesses (SMEs), a new study has revealed.
According to a recent survey by online printing company Instantprint, poor time management is a major barrier to the growth of British businesses; company owners find, on average, just 12 hours a week for attending to the growth of their enterprise.
Meanwhile, a tenth of company owners admitted to spending less than one hour per week pursuing growth-related endeavours and eight per cent of respondents said they struggle to devote any time at all to purely business matters during the working week.
More than half of those questioned said that they feel administrative duties eat away at their time, while a third commented that they would benefit from expert advice on financial management.
James Kinsella, co-founder of Instantprint, said: “We all know how it feels to fight the clock. There are only so many hours in the day to get everything done and SMEs are feeling the squeeze.”
He went on to say that interestingly, it is the management of time – as opposed to factors like admin or staff – that has the biggest impact on the running of a successful business.
Last month, business expert and chief executive officer of DevriX Mario Peshev said that time management is a key entrepreneurial skill. Both project and time management are key to progress with priority planning, milestone identification, execution and iteration, he said, in answer to a question on Quora.
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