Company owners across Swindon and Wiltshire are not enjoying the fruits of their labours because they are too often chained to their desks.
Research carried out by national accountants Haines Watts – titled For Love or Money? – has found UK company owners with businesses turning over more than £1milliion are drawing relatively modest earnings. They are not in reality splashing the cash on sports cars or luxurious holidays.
Mike Lloyd, managing partner at Haines Watts in Swindon’s Old Town, said: “So many business owners struggle to find time to step away from their desks and reap the rewards of their hard work. The biggest reason for this ‘work hard, play never’ situation is that work keeps coming back onto their desk that should have been taken care of by senior team members.”
A contributing factor is that many business owners and leaders do not take the time to find the right people to work around them and take away that daily pressure.
Mike said: “It can only work well if the right people are in these senior roles, job descriptions have been successfully communicated and understood and there’s an effective appraisal process to encourage star performers and give support to those who need it. Everyone has to be responsible and accountable to ensure things don’t constantly land back on the boss’s desk.”
The findings are part of broad research by Haines Watts into the state of SMEs in 2016. Haines Watts has local offices in Swindon and Trowbridge.
Haines Watts Top Tips for Getting this Right
• Recruitment – ensure the business has a trusted adviser who can question the business owners’s decision-making around recruitment.
• When hiring a candidate, be clear from the outset what is needed with a detailed job description.
• Build a strong network of support inside and outside of the premises and get into the habit of exchanging help and advice with leaders who face similar situations.
To find out more about Haines Watts Swindon visit: www.haineswatts-swindon.co.uk