The average business owner needs an additional four hours in the working day to complete their admin

A poll of 500 SMEs revealed 33 per cent claim there aren’t enough minutes in the day to get everything done - with this adding to the pressures of their everyday job.

It emerged the typical employer would love to free up 20 hours each week to complete their to-do list - but in reality, only gets 90 minutes.

More than four in 10 (43 per cent) end up taking it home to complete with only 16 per cent claiming they really enjoy it.

Dealing with tax (29 per cent), managing cash flow (20 per cent), and supply chain issues (18 per cent) were cited as the biggest time-consuming tasks.

It comes as business insurance company, Superscript, partnered with an expert to reveal the pitfalls small business owners face at the start of their journey.

Kate Hardcastle, who specialises in start-ups, shared the main gripes SMEs deal with including unwanted stress, taking financial risks and making decisions nobody else wants to make.

Unrealistic expectations of running a business were cited as something to watch out for, and she emphasises the reward is not just in results and finances – but also how you feel.

Start-ups are also likely to overstretch their investment during the early days in things like equipment, staff or stock, so it’s important to keep this under control and stay sensible.

And the fear of failure is real but surrounding yourself with a ‘dream team’ of experts in all areas of the business will help release pressure and protect your company on all levels.

Kate said: “Running your own business with all the highs and lows that go along with being your own boss can still be one of the most rewarding journeys - hard work and long hours are undeniable, but the rewards can be multifaceted.

“Seeking external expertise and advice for business helps you focus on the areas you are passionate about and eliminate the fear and concerns of potential pitfalls.

“Setting up your own business isn’t for the faint-hearted and certainly the economic climate ahead indicates there are more challenges to come but by listening to your customers, thinking outside in and looking at ways to collaborate with others is the best road to success.”

When quizzed on what they wish could be made simpler, a fifth said it would be the process of hiring staff while 14 per cent would like help with managing and buying insurance.

However, for 88 per cent polled via OnePoll, technology has helped make doing the chores of business admin a lot easier for them.

Working long hours (24 per cent), keeping on top of paperwork (13 per cent) and chasing payments (14 per cent) were stated as the most challenging.

Despite this, 86 per cent claim that becoming a business owner is the best decision they’ve ever made.

Alongside the research, Superscript created ‘SME City’ – an addictively frustrating 80s inspired retro game where the aim is to get from start to finish without being caught out by the everyday hurdles of running your own business.

Those in the top three positions on the leaderboard will receive prizes, including up to £200 in life:style gift vouchers - with a choice of over 125 brands - which can be won on a quarterly basis. 

Mai Fenton, CMO for the business insurance company, which will announce its first winners on Friday 8th September said: “Starting your own business is never easy and we wanted to bring this to life through this retro-inspired SME City game.

“Our research shows that while work admin can be the bane of every business owner, the majority of small business owners are positive that technology can provide a helping hand in making their business admin chores easier.

“There are indeed plenty of obstacles to overcome - some of which can be unexpected - but the results are so rewarding that it's all worth it in the end.”