Business owners in the South West have the worst work-life balance in the UK and are among the most likely to lose their motivation, a new study has revealed.
This often impacts on relationships with their partners, families and social life, while money worries and responsibility to their staff lead to high stress levels. 
The alarming picture emerges from the latest survey conducted for national accountancy firm Haines Watts, which has an office in Trowbridge. It recommends business owners develop a network of trusted advisers and peers and focus on the things that motivate them.
Some 70% of South West business owners say their work-life balance is tipped towards work – higher of the national average of 59%. Across the UK, just 4% said the balance was in favour of life – none of them in the South West.
At the same time, more than a third (37%) of South West company owners completely lose motivation to continue running their business at least once a year, according to the report, the second in a series of three called For Love Or Money exploring private business ownership.
This figure is slightly above the national average of 35% and was better only than those owning businesses in London & the South East and Wales.
Just over half (52%) of business owners took fewer than 10 days holiday in 2015, the report shows, and 8% took not time off at all. 
This came despite 73% strongly agreeing that their job was “emotionally exhausting” with 71% admitting they sometimes “wish they were doing something else”.
The research was based on interviews with 514 owners of UK businesses of at least two years old and turning over between £1m and £50m.
However, psychological research carried out by Haines Watts revealed that money was also a powerful positive influence whether or not they admit it, in getting back on track.
Some 64 out of 100 business owners showed strong positive agreement that money was the biggest re-motivating factor. This rose to 85 out of 100 for the over 50s.
Haines Watts regional partner Mike Lloyd, pictured, said: “Our research shows 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 cashflow problems, growing pains and over-expansion, as they arise rather than planning for them in advance.
“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 trusting them to do so.”
However, when it came to business owners rekindling their love for their own businesses, personal drive and family were the two main motivating reasons.
Two thirds of South West business owners say their own personal drive and family re-motivates them, while 54% cite their responsibility to their employees and money as key re-motivating factors.
Mike 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. It’s crucial they build a wider network of support.
“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.”
