Most B.C. small business owners feel their work/home life
balance could improve, according to RBC survey
Majority would spend time away from work if they had an
'extra' hour each day
VANCOUVER, October 16, 2006 — Only 39 per cent
of small business owners in British Columbia feel they are
able to balance their time between work and home very well,
while 61 per cent feel that there is room for improvement,
according to a new RBC Royal Bank Small Business survey.
The survey, which was conducted by Ipsos Reid also revealed
that if given an 'extra' hour each day, 57 per cent of British
Columbian small business owners would spend it with their
spouse or family, take time to relax, or to get caught up
on personal-related matters. Another 28 per cent say they
would use it for business-related tasks, including prospecting
new customers and developing business skills.
"Given the time and commitment involved in running a
business, it's easy to see why so many entrepreneurs find
it challenging to achieve their ideal balance between their
personal and work life," said Jim Payn, sales manager,
Small Business, RBC Royal Bank.
The top five pieces of advice small business owners have
for other business people seeking a better work/home life
balance: take time for yourself and your family; set clear
boundaries between work and home; put your family and home
life first; set realistic business goals and benchmarks; efficiently
manage your time at work.
"There are many financial tools and services available
that can help entrepreneurs more efficiently manage their
time at work, no matter what the size, stage and complexity
of the business," added Payn.
Some other facts about B.C. small business owners:
- On average, they work 30 hours per week on their business.
- 36 per cent say they work more than 5 days per week on
their business.
- Attracting new clients was most often mentioned as their
most neglected business task (36 per cent).
- At 23 per cent, administrative work (including accounting
and bookkeeping) was most frequently named as their biggest
time drainer.
- Writing to-do lists was mentioned most often (64 per cent)
as a way to save time or to help small business owners run
their businesses as efficiently as possible.
- Family members and friends were most often cited as a
source of advice on time management and productivity issues
(35 per cent).
These are the findings of an Ipsos Reid/RBC Royal Bank poll
conducted between August 4 and August 14, 2006. For the survey,
invitations were sent to a representative sample of Canadian
small business owners 18 years of age or older, resulting
in 2,032 completed online interviews. Of these 2,032 respondents,
363 are from British Columbia. With a sample of this size,
the results are considered accurate to within ±5.1
percentage points, 19 times out of 20.
RBC Royal Bank delivers a wide range of financial services
and practical advice to small and medium-sized businesses
and their owners. RBC is Canada's leading financial institution
for small business, serving one in four small businesses.
For practical advice and information about starting, owning
and managing a small business, visit: www.rbcroyalbank.com/business/resources.
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Media Contact:
Lynn Hatcher Brandt - (604) 665-4031
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