Financial hangover troubles make small businesses “Blue” this January
Undoubtedly, January is a difficult time for businesses. The seasonal pressures associated with the month are having a particular impact this Blue Monday, causing increased stress and admin headaches for small-to-medium-sized enterprises (SMEs) in the UK.
Blue Monday, the annual third Monday in January, is referred to as the most depressing day of the year. This concept was coined in 2004 by psychologist Cliff Arnall who used a formula that considered factors such as weather, debt, the post-Christmas lull and low motivation.
According to new insight into the concerns of 500 SME business owners and senior decision makers this January season, financial pressures, business admin and external factors are proving an increasing burden for SME bosses.
These pressures are extending to their home lives with almost nine in ten (87%) business leaders “blue” from managing money matters in January.
SME leader’s wellbeing and the impact on the business
January is a key time for SME bosses managing key financial and business concerns. The true cost of these business-related headaches is wide reaching. Four in five (84%) fear their stress will impact not only themselves but their families, businesses, colleagues and friends.
Furthermore, over two thirds of SMEs admitted they are under more financial pressure in January following the December period. This extends to chasing payments from customers (54%), as well as feeling blue suffering from the increased admin leftover (35%) from the Christmas break.
If left unalleviated, these pressures have the potential to be truly damaging to all involved with the business.
Headaches from employees
The study also found employees are a source of stress this Blue Monday for small business owners and senior decision makers. They estimate that a quarter of their staff waste over five hours a month on manual expense management tasks, time that could be better spent elsewhere in the business.
Such inefficiency is compounded by two thirds (66%) of SME employees who are also having difficulty returning to a normal pace of work in the new year, taking up to two weeks on average.
Similarly, expenses have also been found to have an impact on staff wellbeing, with more than a third (37%) of bosses observing an increase in staff stress levels in January.
Our focus is to ease these headaches by making expense management simple.
How Allstar can help
Allstar Business Solutions offers a complete expense management package that eliminates the admin headache for employees and business owners.
Our services offer a Visa business card, Allstar Plus, which gives employers complete control of all company expense spending at card level, while reducing costs.
Purchases are interest free for up to 44 days to allow businesses to stay on top of cashflow. Plus, the latest expense tracking technology simplifies expense capture and claim through an app-based process.
This combination helps remove many of the stresses caused by inefficient expenses process.
Find out more about what Allstar Business Solutions can do for your business’s expenses process.
 Research for Allstar Business Solutions conducted by Censuswide in December 2019 of 500 SMEs