Four in ten bosses ‘have sacked staff and done work themselves due to cost crisis’

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According to a survey, four out of 10 business owners and senior managers have taken on other roles within the workplace after letting employees go because of a cost of living crisis.

A survey of 500 small business owners and senior managers estimates that they have to wear five different “hats” every day — including running finance, sales and marketing.

Others have been involved in administration (32 percent), advertising (31 percent) and human resources (27 percent).

Some 61 percent admitted that they are still confused about how to perform day-to-day tasks.

Things senior managers have struggled with include cleanliness (15 percent), operations (14 percent) and schedules (14 percent).

It is also among the most common concerns that include managing business expenses (26 per cent), employee pensions (25 per cent) and ensuring wages (23 per cent).

Tax declarations, maternity and paternity plans and health and safety reports also cause headaches for those trying to run a business.

Sharon Ellis from Virgin Money, which commissioned the survey, said: “Running a business is not as straightforward as people might think.

“There are so many areas for business, from finance and accounts to human resources and marketing and sales – the list goes on.

“It’s impossible to be equally skilled in all areas, but results show many senior managers high up in businesses and even bosses have worked in all areas to keep things going.”

The survey also found employees being on furlough (36 percent), sick leave (36 percent) or maternity leave (35 percent) for employers and employers to perform other roles.

Nearly two-thirds, or 62 percent, said they believed it was impossible to be proficient in all areas of the business, while 38 percent admitted they made a significant mistake by not having confidence in a specific skill.

And while 52 percent didn’t have a personal assistant, in an ideal world an assistant would manage meetings (40 percent), general administration (37 percent) and inbox (37 percent).

However, some said they had taken outside help for technical issues (39 per cent), setting up the pay system (37 per cent) and tax declaration (33 per cent).

Nearly one-quarter of respondents admitted that conducting a business’s day-to-day was more difficult than they initially expected, leaving them feeling stressed (29 percent), tired (28 percent) and confused (27 percent) .

Another 28 percent had worked even more, with those polled via OnePoll, usually working outside their contracted hours four days a week. And 45 percent did so on weekends to do everything else.

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