How tackling admin could aid small businesses
Business leaders are trapped in a situation where admin is so time consuming that it is damaging business growth, new figures have revealed.
According to the Centre for Economic and Business Research, the economy could receive a £4.7 billion boost if this was not the case.
Freeing up the time of business owners could be just what is needed to allow companies to focus on other aspects of operations.
The study, conducted alongside Creative Auto Enrolment, revealed that bosses are spending more than 28 hours a week of admin, rather than focusing on growing their firm.
Growth is the target for the vast majority of business owners yet it would appear many are currently unable to drive the changes they crave to ensure it is possible.
Nearly three quarters of business owners that were questioned said they wanted to expand, listing marketing and strategic planning as two tasks which are often overlooked.
Red tape was also listed as another key issue that bosses struggle to cope with, as many deemed it took a lot longer to solve issues than they felt it should.
Auto enrolment is also ongoing but just a quarter of firms in the current staging process said they were confident they had the time to implement it.
Among smaller firms with lower staff numbers it can be more difficult to effectively manage all of the necessary admin.
In some cases this means firms are missing out on potential sales and cannot focus on growth, others meanwhile are encountering financial difficulties as a result.
Seeking insolvency advice is recommended in severe situations to see if there are solutions that can alter the situation.
It may also help business bosses to refocus their time towards the major issues that can make a positive different to their business.
Owners admitted that in an ideal world they would spend about half the time on admin, although they also appreciated the importance of getting things done properly.
By Phil Smith