SME owners 'overworked and underpaid'
Published On 10 January 2007 at 16:37:56
Many small business owners in the UK are overworked and underpaid, according to a new report.A study by Zurich has found that almost half of owners of small businesses, such as corner shops, work six or seven days a week, with 18 per cent open for at least 12 hours a day.
In addition, only half of the 1,000 owners canvassed take a regular salary, with most of the remainder drawing out an amount that is in keeping with that month's takings.
Of those that do give themselves a salary, two in five were found to make less than £20,000 a year.
David Nichols, Zurich Commercial's head of package business, commented: "UK small businesses form the backbone of our economy and they're clearly working very long hours.
"Working such long hours without a break will have a detrimental effect. Owners need to take a holiday at some stage to recharge their batteries."
Around 40 per cent of those questioned said that the long hours they work have caused them stress.
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