Sixty one per cent of Canadian small business owners believe they could better balance their work and home life, while thirty nine per cent feel that they are doing this very well, according to a new Ipsos Reid/RBC Royal Bank survey.

"Many small business owners are looking for ways to better manage their day-to-day workload, to give them more time to focus on other priorities, both at work and in their personal lives," says Kristina Depencier, national manager, Small Business for RBC Royal Bank.

"Regardless of the stage their business is at ... small business owners struggle with time management," adds Ms. Depencier. "It's not that small business owners want to be able to work more hours in any given day - they're looking for suggestions to help them use the hours they already have in a better way."

If more effective time management could free up even one 'extra' hour a day for small business owners, 58 per cent of would most likely spend that hour as "personal time". The preferred way to spend that extra time included:

• 32%: spending time with their spouse or family;
• 16%: relaxation or "down time"; or
• 10%: catching up on personal-related matters

How can business owners strike a better work/home life balance? Here are the top five recommendations from Canadian entrepreneurs:

• 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;
• Efficiently manage your time.

The survey also notes that small business owners are looking to the Internet to save time on banking and standard management tasks. The most commonly used online banking services are:

• 48%: paying bills;
• 39% reviewing their bank accounts and conducting bank transactions;
• 37%: filing their taxes;
• 21%: downloading banking information into financial software applications; and
• 20%: relying upon e-mail money transfers to make immediate payments to suppliers to ensure faster delivery.

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