Over 122,000 small business owners regularly work more than 70 hours a week, putting them among the hardest working people in Britain¹, according to the latest research from The Royal Bank of Scotland.

One in eight (12 per cent) of Britain's small business leaders works over 70 hours a week and the average number of hours worked is just over 50. Only seven per cent, however, said that long working hours, workload and deadlines were a major stress in their lives, late payment and cash-flow topping the list of business headaches.

In addition to the hours spent at work, entrepreneurs admitted to spending just over 12 hours a week thinking about their business outside work. One in seven claimed to think about their business for as many as 45 additional hours a week.

Adoption of time saving and work-life balance measures could, however, ease this long-hour lifestyle, bring business benefits and contribute to a rise in small business survival rates. Only 27 per cent of small businesses cease to trade because of bankruptcy/insolvency; the other 73 per cent give up for a variety of reasons including lifestyle decisions.²

Jason Oakley, Head of Business Banking at The Royal Bank of Scotland, comments: "Although many small business leaders work long hours, the sense of personal achievement and pride in seeing the business succeed is a powerful motivating force. Nevertheless, for many, a better balance between work and personal life, could help improve their long-term prospects."

Lucy Daniels, Associate Director of the Work-Life Research Centre, who believes that a good support network including family and friends is a vital component of small business success, says: "Rewarding as running a small business can be, it is easy to become over-stretched and to let long hours become a habit. Left to get out of hand, work can become a millstone instead of the stimulus it once was. Having a good support network both in and outside work, investing time in planning and being able to delegate to others are some of the vital ingredients small business owners need for long term success."

The Royal Bank of Scotland and the Work-Life Research Centre have therefore put together a series of tips to help small business owners save time and improve the balance between their personal and work lives.

• Seventy Plus - one in eight small business owners work in excess of 70 hours a week.
• Fifty Plus - on average, Britain's small business owners work 50.6 hours each week compared to an average working week for all those in employment of 43.6 hours (according to official Labour Force Statistics).
• Hardest Working In Britain - entrepreneurs in the East Midlands and Scotland are the hardest working in Britain, averaging 54.1 hours and 52.5 hours a week respectively.
• Seven Days Straight - people running their own hotel or catering business work the longest hours, averaging 60.1 hours a week, reflecting the 7 day a week nature of these jobs. Those involved in farming/mining and retail followed as the hardest working business sectors in Britain, averaging 58.6 and 54.3 hours a week.
• Taking It Home - all business owners surveyed said that they spent an additional 12 hours a week thinking about business, with one in seven spending an additional 45 hours. This illustrates that the boundaries between business and personal life can become blurred.
• Time To Delegate - those running small businesses with more than 11 staff worked fewer hours each week (46.8) than average (50.6), suggesting they have more opportunities to delegate.

Advice from The Royal Bank of Scotland and the Work-Life Research Centre.

1. Starting Out - if your business is a start-up, the pace can be fast and furious early on. Plan from the outset for a more realistic balance between work and life outside work once the business has become established. Avoid burn out.
    
2. Delegate - develop staff responsibility and trust. Encouraging employees to take on responsibility and trusting them to do so, not only gives you more time, but can create a greater sense of commitment to the success of a business.
    
3. Plan - plan now and save time later. If you have not already done so, devote some time to developing a detailed business plan and keep it up-to-date. Time spent on planning will help you set objectives, focus on priorities and save you time in the long run.
    
4. Family Friendly - make time for your friends and family. A support network outside work can provide an invaluable change of perspective, support and encouragement and a chance to get away from it all.

5. Banking Face To Face - ask yourself what your bank does for you. A dedicated, experienced business manager who understands your business can save you plenty of time when it comes to making financial decisions for the business.
    
6. Fingertip Finance - an option to access your day-to-day business banking via the Internet or phone for quick accurate financial information, whenever you need it, can also save you valuable time.
    
7. Time Out - make time to relax. Put aside regular times in the week which you will give over to sport, a hobby or another pursuit. Keep this time sacred otherwise it may get eaten into by work commitments.
    
8. Produce More - people are generally more productive at work if they feel they have a balance between their work and personal lives - this applies to the boss too.
    
9. Boundaries - learn to say ‘no’ sometimes and set clear boundaries so that the things that are really important to you get the attention they deserve.
    
10. Stay on Top - keep up-to-date with administration and staff issues. Regular maintenance in these areas will free you up for more important things like planning ahead to keep your business competitive and personal 'down time' to relax and recuperate.