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New research released by Abbey reveals that small business borrowers are working longer hours in the face of the current economic downturn.

One in three small business borrowers say that they are now working longer hours than they were just one year ago – the average amount of time a small business owner spends working is 47 hours per week, just one hour less than the maximum number of working hours permitted by the EU.

However, many are working much longer in order to maintain and develop their business, with a third of small business borrowers now working over 50 hours per week and one in six working in excess of 65 hours a week – the equivalent of a minimum of 13 hours per day over a five day working week.

But, with the number of insolvencies up by 39% in the second quarter of 2009, compared to the same period in 2008, many small business owners are being forced to work these longer hours, simply to keep their business afloat.

Paula Ickinger, head of business banking marketing at Abbey says: "The recession is having a huge impact on small businesses in this country and many owners are sacrificing their work-life balance by working longer hours as they struggle for the survival of their business.

"Not only do business owners have a very tough economic climate to contend with, they've also been burdened with mounting piles of red tape and bureaucracy at the same time, which can distract them from the running of their business. They therefore need to make sure that they are getting as much help from their suppliers as they can, including their business bank."

There is nothing wrong with asking for help. A financial adviser, if asked, can help you redress your finances and maybe help set you up with new loans and mortgages in an attempt to lower outgoings and give you a break. But for all this to happen you have to speak up – ask your small business financial adviser for a guiding hand today.

SOURCE: Abbey, 16/11/09

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