UK small businesses are burning the midnight oil

Research from Alliance and Leicester Commercial Bank has highlighted that small business owners are struggling to achieve a work-life balance.

Nearly one in four (22%) small business owners reported they are working late into the night, spending over 50 hours in the office each week.

Of those small businesses which have been trading for over a year and are office based, nearly a quarter (23%) of owners say they spend in excess of 50 hours a week at the office.

The research also reveals that it isn't becoming any easier to strike the work-life balance.

With two out of three (68%) small businesses spending at least the same or more time in the office than they did five years ago.

This is supported by the fact that over a third (35%) feel less involved in the business if they are not in the office every day.

Steve Jennings, Director of Business Banking at Alliance and Leicester Commercial Bank, said: "It is difficult for small business owners to achieve an optimum work-life balance when they are ultimately responsible for the success and financial health of their business.

In addition, further pressures such as the growing amount of red tape, place added demands on time.

"With many small business owners burning the midnight oil to keep their business afloat, they need to make sure that they are getting the most from their suppliers including their business bank, business owners need to make sure their surplus funds are working as hard as they are." Steve Jennings adds: "Choosing the right business bank account is paramount to the success of a small business so bear in mind the accessibility of your business bank.

By switching to a better value deal, not only could you save thousands of pounds each year in lost interest, you could also make significant time savings on your day to day banking.

As the research shows, time is precious for many business owners, so it's worth considering business bank accounts which offer a number of time saving ways to perform various account transactions, whether this be via your local branch, through the UK's network of Post Offices, through mobile phone banking, online or over the telephone." Alliance and Leicester Commercial Bank has launched www.interest-challenge.co.uk where businesses can see how much extra interest their surplus funds could be earning.

For further information on the accounts available, small business owners should call 0800 587 0800 or visit www.alliance-leicestercommercialbank.co.uk.

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