A quarter of small business owners see administrative tasks like bookkeeping as the biggest time-drainer, while one-line banking and the trusty “to-do” list topped the list of time-savers.
The Royal Bank of Canada's 2006 time management survey of small businesses found that a quarter of respondents said administrative duties like accounting and bookkeeping are the most time-consuming tasks. Computer and technology-related work, and dealing with customers, both came in second at 7 per cent.
The survey asked small business owners what they did to save time and run the business more efficiently. More than half of respondents, 60 per cent, said they used Internet banking while 58 per cent said they relied on "to-do" lists.
Other methods cited by small business owners as time-savers were using accounting software and communication technology, working with suppliers who respect time pressures, regularly setting and reviewing business goals, and delegating responsibilities.
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Attracting new clients was cited by 36 per cent of respondents as the task that is neglected but would have the greatest positive impact on their business.
The small business owners surveyed said that ideally, they want to spend 67 per cent of their work-week attracting new clients, although in reality, they were spending just 47 per cent of their week doing that.
Large gaps between what owners wanted to be doing and what they were actually spending time on were also evident in the realms of developing a business network, advancing their business training and educational skills, planning for the future, getting involved in their community, and researching market trends and the competition.
The RBC survey, conducted by Ipsos Reid between August 4 and August 14, is based on 2,032 on-line interviews with small business owners.
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