Work worries cost the average business owner 21 days of productive time every year, or the equivalent of $10,000 annually, according to new research by our partners at Alarm.com and OnePoll.
Our survey of 1,000 American business owners indicates that the average owner loses 44 minutes of productive work time every day to work worries: business-related worries about issues such as cashflow, time management, security, the economy, bills, and employee reliability. Even though this pole was done in the US we are certain that Canadian business owners face much the same struggles and worries.
Over the course of a year, these 44 minutes a day add up to 191 hours. That's a month of workdays—or, with the average owner valuing their time at approximately $50 per hour, nearly $10,000 a year in lost productivity.
Here are three takeaways from Alarm.com's survey:
1: Work Worries are Widespread
Overall, 41% of small business owners report that they worry too much about their business.
"Business owners are vulnerable to work worries because they take on so many different responsibilities," says Anne Ferguson, Alarm.com's vice-president of marketing.
"When you have customers to serve, employees to manage, bills to pay, and only so many hours in a day, work worries can build up. The good news is that most owners get better at managing their work worries over time—and that new business tools and technology are here to help."