Improving Productivity a Key Focus for Small Business: Survey

Written By
Julija A.
February 09,2021
The struggle to remain productive during work hours seems to be a common problem at businesses of all shapes and sizes, and small businesses find it particularly challenging. According to a study performed by Oasis, 52% of small business owners say that “improving productivity and efficiency” will be the main issue of managing their workforce in the next six to 12 months.

In addition to these challenges, here are some other issues that small business owners face:

  • 41% say that attracting quality employees to join the business is challenging.
  • 33% say they struggle with developing employees to be able to contribute at higher levels.
  • 33% say that keeping employees focused on what's most important for business is difficult.

"Being in charge of a small business comes with time-consuming people management and HR administration that can drain productivity," said Melissa Ness, professional employer organization director at Oasis. "Administering payroll, complying with employment regulations, and offering competitive health benefits are specialized skills that require time and resources. These tasks can be a distraction from the work that needs to get done in acquiring customers and growing the business."

According to 31% of the business owners surveyed in the study, these kinds of tasks take about a quarter of all work time. Another 39% said that they spend too much time on workforce-related issues, though 83% said they think the time spent on HR and workforce issues is a good investment.

Small business owners acknowledge they would consider seeking help from outside resources for "attracting quality employees to join our business" (49%). Another 34% would ask for help with "improving productivity and efficiency,” while 27% would want help with "employee retention and engagement."

About the Study

More than 300 small business owners were surveyed in this study. Most of the businesses (89%) were privately owned and had between 10 and 99 employees. Most reported revenues over $1 million (57%), and a wide range of industries were presented. Nearly 70% had just one location. The interviews were conducted online, and they took place between February 11 and 18, 2019. A National Web Panel by SSRS, a research company was used to complete the research.

About author

Albert Einstein is said to have identified compound interest as mankind’s greatest invention. That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives. Civilization became possible only when Sumerians of the Bronze Age invented money. Today, economic issues influence every aspect of daily life. My job at Fortunly is an opportunity to analyze government policies and banking practices, sharing the results of my research in articles that can help you make better, smarter decisions for yourself and your family.

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