21-08-2008
Working week for SMEs becoming longer, shows research
The average working week for a small-to-medium enterprise (SME) is becoming longer, having increased by nearly three hours compared with this time last year, new research shows.
Findings from a study by the Bank of Scotland revealed that the 1.4 million small businesses operating in the UK work an extra 31.2 million 'working weeks' each year.
Over a quarter of SMEs believe they will work longer hours during the rest of the year to make up for the pressures created by the current financial climate.
Peter Wood, head of strategy and products at Bank of Scotland Business Banking, said that considering that people's livelihoods are in the balance, then it is not surprising that SMEs are "burning the midnight oil".
"If we can create an environment for small business in Britain that helps SMEs work smarter, by allowing them to get on with the job of running their business, then we will continue to see SMEs grow and prosper," he added.
Previously, a study by the bank showed that nearly 40 per cent of SMEs plan to put away money for future investment.
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