BOSSES of small and medium sized enterprises (SMEs) could double their businesses’ chance of survival by not working so hard, it is claimed.

Business adviser Nick Hixson, of Bournemouth-based business advisers and accountants Hixsons Ltd, said despite record numbers of start-ups locally, many were struggling to grow and survive.

“In our 30-plus year experience supporting the Dorset business community, we have seen extremely committed business owners putting the hours in, only to be frustrated when the business struggles to move forward,” he said.

“Recently published figures from Inform Direct confirm that the county is producing record number of new businesses, which is fantastic news, but the growth and survival rates remain low.

“Official government Local Enterprise Partnership (LEP) research published last year demonstrates that this is an ongoing trend. Of the 66 per cent of businesses that survived the period 2009-2012, only 3.7 per cent reached £1m in turnover.

“The report identifies three main key issues as barriers to growth: skills and staff; strategy and management, and sales and marketing.”

He said many SME owners become caught up in the day-to-day running of their businesses rather than developing and investing in a long-term growth strategy.

Research suggests such owners work the equivalent of an extra three months a year dealing with issues such as IT, HR, insurance and office supplies.

“These act as a distraction from the bigger picture and lead to a confusion in priorities,” said Mr Hixson.

“It is not surprising, then, that finding the time to sit down and review existing business plans may seem impossible but without doing this, businesses will struggle to optimise their performance.”

He said “realigning personal and business objectives” was essential.

“Some owners have said they would like a holiday, as they haven’t had one for years, or be in a position where they can take three months a year out of the business to go yachting,” he said.

“Other clients need the means to provide a new family home, or are planning to retire but would like to keep an interest. One person even said that he would like to become a better son as he didn’t have time for his parents.”

He added: “It is important to catch your breath from the day-to-day tasks. Take some time out to sit back and review your business, realign your objectives and ultimately watch your business and free time grow.”