Business owners are so busy handling a wide range of administrative tasks that they are not spending enough time on growing their business according to new research.
A poll of business owners by Geniac found that 73% believe that their business would grow more quickly if less of their time was taken up with company admin. And 61% of SME owners say they spend up to half of their time dealing with legal issues, managing HR, handling business accounts and other company paperwork.
As a result, many areas of business development are being overlooked, including brainstorming new ideas (neglected by 33% of the respondents), working on new business proposals, products and services (28%) and spending time with their customers (27%).
The authors of the report have concluded that small business owners are sacrificing creativity in their business by taking a "do-it-yourself" approach to administration.
Psychologist Dr Gary Wood, who worked with Geniac on the study, says business owners need to de-clutter their work schedules in order to make the most of their time.
Dr Wood said: "What we think of as multi-tasking is actually the brain flitting between tasks very quickly. It's difficult for your brain to switch into creative mode when you're worrying about balancing the next spreadsheet or a looming contract deadline. So, instead of trying to be an all-rounder, play to your strengths rather than using up energy on the things you're not so good at."
The report also shows that 15% of business owners dread admin tasks and 11% feel out of their depth. Even so, many are still reluctant to bring in external help. Half of business owners polled say external experts are "too expensive". However, 32% of business owners said they had ended up paying an external expert to fix an error they'd made when taking on tasks they weren't qualified to do.
Mike Galvin, co-founder of Geniac, said: "What seems like a cost-cutting exercise on paper can quickly become an expensive mistake - not just in terms of rectifying errors down the line but also in terms of lost creativity. A business owner should be doing what they do best, solving core business issues and not being distracted by admin overload."
In some instances I have just pop there at their office and I have been seen in 15 minutes. is faster then the GP.
Authorised and Regulated by The Solicitors Regulation Authority. Authority number 591294.
For details of the professional rules governing the conduct of solicitors go to www.sra.org.uk/code-of-conduct.page