South African small and medium business owners contribute as much as 10% – or nearly R530 billion – to the annual GDP, by working beyond the standard industry hours for their businesses.<\/p>\n
According to a new global survey by accounting, payroll and payment systems provider, Sage, the world\u2019s small and medium business sector has added R115 trillion ($8.3 trillion) to the global economy through after-hours work.<\/p>\n
A sample of 200 small business owners in South Africa found that some 51% of respondents work more than 40 hours a week and 22% work more than 50 hours a week.<\/p>\n
Around 44% of local business owners have chosen their work over their family and 26% have taken less than five days holiday in the last year.<\/p>\n
A quarter admits that their personal relationships have been affected while making their business successful, but 29% say it was worth it.<\/p>\n
Half of respondents in South Africa compromise taking holidays in order to make their business successful; 45% compromise their social life, and 37% compromise their own health.<\/p>\n
Why do they do it?<\/strong><\/p>\n More than half (51%) say they are motivated by the love of their business, with 59% motivated by the sense of achievement, 60% by growing the business, and 58% by making money.<\/p>\n Some 77% say that working outside their industry standard hours to make their business successful is worthwhile.<\/p>\n Paperwork is the bane of many South African entrepreneurs\u2019 lives: 35% say that more efficient administrative processes would reduce the time spent working after hours.<\/p>\n Time management is another challenge, with 33% saying that understanding how to use their time more efficiently would reduce the time spent working after hours.<\/p>\n On the upside, 64% feel smartphone emailing reduces the time spent working after hours.<\/p>\n Business is expected to get a whole lot worse in SA in 2016<\/a><\/strong><\/p>\n High number of SA businesses struggling to grow turnover<\/a><\/strong><\/p>\nMore on business in South Africa<\/h3>\n