Nearly half of Kiwi business owners are working to reach a lifestyle goal and believe they can maintain an appropriate work-life balance, a new MYOB Business Monitor report suggests.
Compared to 40 percent of Australian business owners, 48 percent of local respondents said they were in it for the lifestyle – and 44 percent believed they could achieve a work-life balance.
According to the survey, 30 percent of Aussie business owners think work-life balance is a myth, compared with a quarter of Kiwis who own their own business.
MYOB general manager Julian Smith said although we tend to characterise life as easier across the ditch, it seemed Kiwi business owners are better able to maintain a balance between their working life and family, leisure and other lifestyle pursuits.
“More local business owners too have set up their own operations in order to enjoy the freedom and flexibility being a business owner can bring – provided you can achieve that all-important work/life balance, something around a quarter of Kiwi business owners struggle to do.”
While it was encouraging to see local business owners defining success in more ways than just making a profit or achieving growth, having a large lifestyle-focused business segment was not all good news for the economy.
“Business owners that are lifestyle seekers have the lowest confidence in the economy – with just 22 percent expecting to see improvement in the next 12 months,” Smith said.
“They are also the least confident about future revenues."
The report also highlighted some marked differences in industry sectors when it comes to maintaining work-life balance.
The retail and hospitality sector appears to demand the most from business owners, with 32 percent saying work/life balance is a myth, followed by the manufacturing and wholesale industry (27 percent).
The finance and insurance sector (55 percent) and the property and professional services industries (49 percent) are most likely to see a work-life balance as possible.
Business owners in Otago/Southland were the most likely to feel they could achieve balance, followed by Taranaki, Wellington and Northland.