In a recent article by The
Manufacturer, it was shown that Manufacturing Business Owners worked 41%
more hours than the average employee.
This owner dedication was praised with the caveat that a
healthy work / life balance should be considered, and a side note that
financial gain was being put ahead of free-time. For many SME owners,
particularly in manufacturing, financial gain is a huge priority to not only
stabilize cash-flow, but also to ensure healthy profits going forward for
onward investment. Those of us who survived the last recession and who are now
experiencing high-growth know exactly how expensive this is.
Returning to profitability after a recession is expensive.
Increasing that profitability (whilst ensuring your staff are rewarded) is
expensive and growing your business is expensive. In an SME the owner-manager
will have final responsibility for all of this and more, and will often
visualize and implement the strategy to achieve these critical success factors.
As the MD of a manufacturing company who has grown year on
year since 2010, with 20% growth achieved in our last financial year, I am all
too aware that the time needs to be put in at the top to ensure this happens.
Complacency is no longer allowed in our business something I admit I was
guilty of in the easy days before the recession wiped 40% off our turnover
overnight and the pain from this is still fresh in my memory. Having come
through this literally by blood, sweat and tears it is unsurprising that I and
others are reluctant to throttle back on the hard work we are putting into our
businesses.
As the pressures of the recession eased this naturally
resulted in growth of the business, which in turn gives the business owner more
to aim for; after all the growth should be sustained and increased going
forward so we have a buffer should the axe fall again.
Of course this hard work is emulated and often surpassed by
loyal members of the team; and they are much more likely to go the extra mile when
they see the boss doing so too. With frequent fat cat articles appearing in
the media, it is refreshing to see the hard work of business owners acknowledged
and long may this continue.