Small business owners are spending a significant portion of their workweek on administrative and finance-related tasks, according to a recent report. On average, these duties consume 11 hours per week, equating to six full working days each month. In contrast, owners dedicate just over half that time, approximately three and a half days monthly, to sales and business development activities aimed at company growth.
The findings, derived from an annual survey of business owners conducted by Opinium for American Express, indicate that administrative burdens are a substantial obstacle. A majority of respondents, 54 percent of those with fewer than 250 employees, stated that "paperwork gets in the way of running their business."
Ruchi Sharma, a vice president at American Express, noted that operating a small business in the current economic climate can further limit the time available for focusing on growth strategies. This suggests that while administrative overhead is a persistent issue, challenging operating conditions can exacerbate the problem.