Time for a break: 1 in 3 small business owners take less than 2 weeks leave annually
1 in 7 owners can’t remember the last time they took a holiday according to OnDeck research.
- OnDeck research confirms 34% of small business owners in Australia take less than four weeks leave each year.
- One in seven (14%) business owners can’t remember the last time they took a break from the business.
- Even when they do take a break, eight out of ten (77%) small business owners think about their business.
- Small business owners agree that additional funding would allow them to take a break more often.
Sydney: New research by leading online small business
lender OnDeck Australia, highlights the real risk of burnout across Australia’s small business community, with fewer than half (43%) taking at least four weeks leave annually.
Over one in three (34%) small business owners take less than four weeks leave each year. More than one in four only have two weeks or less leave each year, and one in seven (14%) can’t remember the last time they had a holiday.
OnDeck’s survey confirms that when small business owners do take leave, many find it hard to decouple from the business. Eight out of ten (77%) small business owners think about their business when on holiday. One in five check in with the business regularly while on leave.
“Yet small business owners are not allowing themselves the same break from the businesses that their employees benefit from.”
Additional funding can allow business owners to take a break
Small business owners surveyed by OnDeck agree that additional business funding would provide the means to take a holiday, for a variety of reasons:
- 66% Feeling confident the business has funding in place to handle any unforeseen costs during the owner’s absence
- 31% Paying for additional or temporary staff
- 20% Paying an interim manager to step into the owner’s role
- 7% Other
Funding in as little as two hours
Mr Yohananov noted, “I would encourage all small businesses to take regular breaks from their business to recharge, re-energise, and gain a fresh perspective.
“OnDeck offers funding for a range of business-related costs, with applications for OnDeck’s Lightning Loans able to be processed in as little as one hour, with funding provided to approved applicants in as fast as two hours.
“This element of speed can allow small business owners an opportunity to take spontaneous breaks – even if it’s just for a week or two, backed by a temp or other support staff, or simply providing peace of mind that funds are on hand if unexpected expenses arise in the owner’s absence” concluded Mr Yohananov.
Small business can apply directly to OnDeck for Lightning Loans or enquire through their broker.
About OnDeck
OnDeck is the proven leader in transparent and responsible online lending to small business. Since launching in Australia in 2015, OnDeck’s focus has always been on supporting small businesses with access to fast, efficient unsecured finance.
Today, OnDeck offers a wide range of term loans and lines of credit customised for small business owners’ needs. OnDeck has provided over $US13billion in loans to over 110,000 customers in many different industries, and it has a 5-star rating from Trust Pilot
In 2021, OnDeck launched The KOALA Score risk-prediction model that draws on big data, predictive analytics, plus data from multiple credit reporting agencies to enable more Australian small businesses to be approved for a commercial loan.
In 2021, OnDeck also launched Lightning Loans, which enables the decisioning of loans up to $150,000 in as fast as 30 minutes, and funding in as fast as two hours. For more information, visit www.ondeck.com.au
About the Research
The independent research was conducted online in April 2022 by Octopus Group across more than 300 small business owners Australia-wide.
Media Contacts:
Anthony O’Brien
Corpwrite Australia
+61 (0) 411 578 818
[1] https://hbr.org/2016/07/the-data-driven-case-for-vacation
[2] https://d-nb.info/1097755169/34
