If you are planning to start a new business in the New Year and still want to have some time to enjoy the best of the Kiwi lifestyle, it could be worth thinking about moving to the country or heading down South.
According to the latest MYOB SME research, a net 54 per cent* of business operators working in rural New Zealand are satisfied with their work/life balance, while only 45 per cent of those working in the city are happy with how they split their time between work and leisure.
And for true happiness, you need to set up shop in Otago or Southland, where 62 per cent say they are satisfied with their work/life balance, compared to 49 per cent in Auckland, and 40 per cent in Wellington and Christchurch. Other regions where business operators enjoy a positive work/life balance are Bay of Plenty (54 per cent satisfied) and Manawatu/Wanganui (52 per cent satisfied).
MYOB NZ Sales Manager Business Division Scott Gardiner says the survey highlights a marked difference in the quality of life experienced by business owners up and down the country.
“Considering over a third of business operators told us they went into their own business to have greater flexibility, and 16 per cent wanted more time to spend with family, a good work/life balance is a key measure of their success,” says Scott Gardiner.
“While everyone’s aspirations are different, for even the most driven business owner, finding some time to spend away from work is important to be able to relax and recharge. It seems that the further out of the cities, and the further South you go, the more likely you are to say you’ve got the balance about right.”
Best industries at either end of the spectrum
Although the rural lifestyle clearly suits agricultural business operators, with 54 per cent saying they are happy with their work/life balance, they are beaten out for the title of happiest industry by the traditionally city-based finance and insurance sector.
“It’s hard to imagine a bigger contrast between the two industries where operators report the best work/life balance,” says Mr Gardiner.
At the other end of the spectrum, those in the trades sector are the least happy with the balance they are able to achieve between work and leisure, with only 33 per cent reporting they are satisfied, followed by the manufacturing industry on 40 per cent, and retail and hospitality on 42 per cent.
“These are all industries that have been playing catch-up in the last couple of years, with a long period of uneven recovery from the recession. As they are now hitting peak activity, many operators are likely to be working very hard to make the most of the current opportunities,” says Mr Gardiner.
Getting better with age
For those just starting out in business and finding the demands of work all-encompassing, the research also highlights that things will get better over time; with the ability to achieve work/life balance improving markedly with age.
Thirty-five per cent of ‘Generation Y’ business operators (those aged between 18 and 34) reported they were satisfied with their work/life balance, compared to 38 per cent for ‘Gen X’ (35 – 49 years), 52 per cent for the ‘Baby Boomers’ (50 – 69 years) and 74 percent for those over 70.
“Running your own business can be extremely demanding. But the concept of not spending all your time working in your business also includes finding ways to take time out altogether. Making time to enjoy life outside of business is one of the most important aspects of running a creative, dynamic and productive organisation,” says Scott Gardiner.
“Any business operator looking to find more time, should take advantage of the wide range of cloud-based productivity tools and business solutions now available that can save a considerable amount of time-consuming compliance and administration work.”
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*All survey statistics presented are net figures – with the percentage of total dissatisfied respondents subtracted from those reporting they are satisfied with their work/life balance.
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MYOB (ASX: MYO) is a leading cloud based business management solutions provider. It makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, websites, job costing, inventory and more. MYOB provides ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and in 2015 was awarded the BRW award for the most innovative large company for 500+ employees and placed 2nd in BRW’s Most Innovative Companies Award list across all categories nationally. For more information, visit myob.co.nz or follow @MYOB on Twitter.