Alliance & Leicester: SME entrepreneurs not taking holidays

18 July 2008

New research has suggested owners of small businesses are keeping an eye on their finances by not taking time off.

Entrepreneurs are giving up free time to ensure their businesses are running smoothly, Alliance & Leicester has said.

The findings revealed ten per cent of business bosses do not take any annual leave and 41 per cent said they have booked fewer holidays since founding their own companies.

Nearly one-third (32 per cent) said they now take less time off than three years ago, suggesting the downturn in the British economy has been hitting small and medium enterprise (SME) owners for some time.

According to the research, 45 per cent of bosses think it is too costly to take holidays.

the director of business banking at Alliance & Leicester said it was important to take a holiday as it may damage efficiency in the long term and bosses can keep up with news if necessary.

"Having the convenience of mobile phone banking or internet banking to keep up to date with their finances can take away any unnecessary stress allowing them to sit back and enjoy a well earned holiday," he said.

This summer, Tesco compare has urged parents to take out home insurance to protect against damage in the home.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).