There have been a lot of stories about the introduction of a four-day work week (4DWW) for larger businesses like Unilever – same pay on fewer hours being the clincher – and while that sounds more plausible for corporate giants with larger workforces, what about us small-business owners?
The good news is it is 100 per cent plausible to operate a service-based business, and even a retail one, with a shorter work week and turn a profit. In fact, I created my own four-day workweek model for Australia’s auto shops back in 2016.
With wellbeing, wealth creation, and flexibility in mind, I have five business models for small businesses and start-ups that lets business thrive. This has been also in play before the COVID 19 pandemic forced many workers to work remotely to operate their businesses.
Here are my top three tips on making a four-day workweek workable for small businesses.
- Firstly, know that implementing a 4DWW can be a win for all, no matter the size of the business. I have coached hundreds of SMEs since 2016 to transition to one of our five four-day work week models, and our results have produced the same successful trials. Across the automotive industry in particular, we’ve seen businesses previously at the mercy of six-day weeks reducing their working hours, yet maintain or increase their productivity, efficiency, and importantly, have increased profitability.
- It attracts and retains the best talent. The 4DWW has also become an important recruitment tool in the post-COVID era where the workforce is transient, and people are “quietly quitting”. In 2022, as businesses face an all-time high of 75 per cent of companies reporting difficulties in hiring, a world of work that includes the ability to work a four-day week or from a remote location seems certain to expand. Employees are looking for better work/life harmony, and our results show that SME businesses that have transitioned to a 4DWW and offer it as part of an employment package are twice as likely to successfully fill a position in what is currently an “employees’ market”. Those employees go on to have fewer sick days, report their mental wellbeing to be better, and their employers report their employees are more engaged.
- The F Word = Freedom! Four-day work weeks finally give business owners the taste of freedom they’ve never had up to this point. Most small-business owners are the first to arrive, the last to leave, and end up working 60- to 80-hour weeks. They miss out on time with family and friends, and often miss milestone events in the lives of those they care about. With the proper implementation and ongoing support, 4DWWs give the business owner back one precious day per week for spending with those they love and doing the things they love. Like their employees, they come to work feeling more refreshed, less stressed, more ready to tackle the challenges that business ownership can present, and ultimately, are more enthusiastic to work with their team to innovate and succeed in business.
