Wells Fargo/Gallup: More Than Half of Small Business Owners Work at Least Six-Day Weeks, Still Find Time for Personal Life
August 09 2005 - 9:02AM
PR Newswire (US)
Despite Working an Average of 52 Hours Per Work Week, Small
Business Owners are Satisfied With Their Work-Life Balance SAN
FRANCISCO, Aug. 9 /PRNewswire-FirstCall/ -- Most small business
owners may never know the true meaning of a nine-to-five workday or
a five-day-a-week job, but the latest Wells Fargo/Gallup Small
Business Index finds they wouldn't have it any other way. Today's
small business owner works an average of 52 hours per week, with
fifty-seven percent working at least six days a week, and more than
twenty percent working all seven. Small business owners surveyed
take an average of two weeks of vacation per year, with fourteen
percent not taking any vacation at all. Of those taking a vacation,
thirty-nine percent do work-related activities (phone calls,
emails, etc.) during that time. However, sixty-five percent of
those surveyed say they make time outside of work for things
important to them, and forty-nine percent say their personal life
is rarely affected by stress from work. "Perhaps the most obvious
and important benefit of being a small business owner is that you
get to do what you love and are inspired by everyday," said Richard
Amador, CEO of CHARO Community Development Corporation in Los
Angeles. "Yes, we battle stress and long hours, but the difference
is we know we built this business, and it's our sweat equity that
determines its success. This helps our businesses, our customers,
and the economy." While sixty-seven percent are content with their
work-life balance, another twenty-two percent are not. Despite some
dissatisfaction with work-life balance, eighty-seven percent of all
respondents say they're satisfied as a small business owner and
ninety-four percent say they are successful. Moreover, eighty-four
percent say that if they had to do it all over again, they would
still become a small business owner. "All of us are looking for
ways to improve our work-life balance. This is a unique challenge
to manage, particularly for small business owners, who tend to wear
multiple hats and do the jobs of many," said Rebecca
Macieira-Kaufmann, executive vice president and small business
segment manager for Wells Fargo. "But small business owners have
such strong optimism and are so passionate about what they do, it's
not surprising this is carrying over into how they live their
lives. Small business owners tackle the work-life balance challenge
with enthusiasm and confidence, and demonstrate the two can
co-exist." Forty-seven percent of small business owners surveyed
say if they won $10 million in the lottery, they would still work
in their current job. Only nine percent would stop working
altogether, while eight percent would opt for a combination of
work, pursuing other areas of interest, and volunteering. The
Index, which measures business confidence and overall market
conditions as seen by small business owners, dropped 11 points, 110
to 99, over the past quarter. This is the first drop in the Index
score since third quarter 2004. The decline, mostly seen in small
business owner's expectations for the year ahead, could be
attributed to the continuation of high energy prices, particularly
gasoline prices, which reduce the disposable income of consumers
and can contribute to reduced sales. High energy prices also create
higher operating costs for small businesses, which could be another
contributing factor. To understand and support the growth of small
businesses nationwide, Wells Fargo partnered with the Gallup
Organization to create the Wells Fargo/Gallup Small Business Index.
Since the third quarter of 2003, the Index has surveyed small
business owners on their perception of current conditions and
future expectations relating to financial situation, revenues, cash
flow, capital spending, number of jobs and credit availability.
About Wells Fargo Wells Fargo & Company is a diversified
financial services company with $435 billion in assets, providing
banking, insurance, investments, mortgage and consumer finance to
more than 23 million customers from more than 6,000 stores and the
Internet (wellsfargo.com) across North America and elsewhere
internationally. Wells Fargo Bank, N.A. is the only bank in the
United States to receive the highest possible credit rating, "Aaa,"
from Moody's Investors Service. Providing financial products and
services to more than one million businesses with annual sales up
to $20 million in all 50 states, Puerto Rico and Canada, Wells
Fargo is the #1 lender to small businesses in the United States in
total dollar volume according to the most recent CRA data (2003).
The second largest national SBA lender in dollars, Wells Fargo is
an SBA Preferred Lender in 28 states, and originated 3,555 loans
for $495 million in 2004. Wells Fargo has also been ranked the
number one SBA 504 lender nationally for the last two years. Its
targeted business services programs provide outreach and education
to women, African American, Latino, and Asian business owners about
financial services. Since 1995, Wells Fargo has loaned more than
$25 billion to women and minority business owners. About the Gallup
Organization For more than 60 years, the Gallup Organization has
been a recognized leader in the measurement and analysis of
people's attitudes, opinions and behavior. While best known for the
Gallup Poll, founded in 1935, Gallup's current activities consist
largely of providing marketing and management research, advisory
services and education to the world's largest corporations and
institutions. DATASOURCE: Wells Fargo & Company CONTACT:
Matthew Hurwitz of Wells Fargo, +1-415-222-1679, or Web site:
http://www.wellsfargo.com/
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