Lack of Work Life Balance...A Key Reason for Small Business Failure

With 97 percent of all businesses in Australia being classed as 'small', according to the most recent survey undertaken by the Australian Bureau of Statistics, more than 60 percent of small businesses cease operating within their first three years of starting.

One of the reasons is the inability to maintain good work-life balance. According to a study by insurance provider, Simply Business, half of those surveyed cancel social plans at least once a week, 25% take less than 10 days annual leave and that same percentage have fallen ill due to stress and overwork. In saying that one in four people experience mental illness each year, Mind, an NDIS mental health specialist, maintains that it is imperative that business owners keep a close eye on their wellbeing.

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