NEARLY a third (29 per cent) of company owners in the county completely lose motivation to continue running their business at least once a year, according to a new study by Top 12 UK chartered accountants Haines Watts.

While this figure is below the national average of 35 per cent, business owners in Northamptonshire are still losing motivation more than is desirable, with financial worries their main source of stress. The research finds that this is having a significant impact on their personal lives, including their work-life balance, health and wellbeing and relationships.

There are also significant regional differences in the findings. London and South East and Welsh (45 per cent) business owners are the most likely to lose motivation at least once a year, while North East (27 per cent) and North West (24 per cent) business owners are the least likely to experience this sapping of motivation.

Money matters

Nearly two thirds of local business owners (62 per cent) identify financial worries and frustration about not getting enough done as top sources of stress and a drain on their motivation, followed by peaks and troughs in the volume of work (57 per cent). However, psychological research, which assesses the implicit responses of business owners*, reveals that money can also be a powerful positive influence whether or not we admit it, scoring strong positive agreement (64 out of 100) that it is the biggest motivating factor. This rises to 85 out of 100 for the over 50s.

Chris Timms, Regional Managing Partner at Haines Watts, said: “Our research shows that money is one of the most common reasons why business owners find themselves in a spiral of stress, which can dampen their motivation. Part of this stems from business owners attempting to tackle financial difficulties, such as cash-flow problems, growing pains and over-expansion, as they arise rather than planning for them in advance.

“But it doesn’t have to be this way. Business owners need to create time to step back and plan for the future. This often starts with short, medium and long-term business planning and then building a strong management team to help deliver the plan and keep the wheels turning.”

Business owners in Northamptonshire are working long hours to keep their enterprises going, adding to this undulating stress. A mere seven per cent say their work-life balance is tipped towards life, while over half (54 per cent) say it goes the other way.

The majority of business owners admit they sometimes “wish they were doing something else’ (71 out of 100). This love-hate relationship with their job is damaging the health and wellbeing of UK business owners and their personal relationships.

Running a business is even more detrimental to mental health (70 out of 100) than it is to physical health (60 out of 100). Business owners admit they find their position “emotionally exhausting’ (73 out of 100), rising to 81 out of 100 for men.

Over half of local business owners reveal that the relationships with their partner (57 per cent) and children (57 per cent) have also suffered as a result of running a company.

When it comes to rekindling business owners’ love for running their company, in Northamptonsire personal drive and customers trump everything else.

Over two thirds (71 per cent) of business owners in our region say their own personal drive and customers re-motivate them, while 67 per cent cite their friends as a key re-motivating factor.

Chris Timms added: “No amount of money is worth the cost of being pushed to breaking point, and yet business owners often don’t know where to turn for help. Personal drive is a key motivator for those pushed to the brink, but it’s also crucial for business owners to build a wider network for support so they don’t become over reliant on themselves.

“Being able to discuss concerns and share advice with like-minded people can be a real life saver for business owners overshadowed by complex challenges and who, as a result, lack the will to go on.”

The study is based on interviews with 514 owners of UK businesses, which are at least two years old, have a turnover of between £1 million and £50 million and have between 10 and 249 employees. The study was conducted in 2016.

* The survey also included psychological research based on the principle of implicit testing with 100 business owners of the same turnover, employee number and age criteria.

For more information visit: www.hwca.com