Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

October 17, 2007 12:43 ET

Coast Capital Savings Credit Union: Small Business Ownership Means Less Personal and Family Time, Survey Finds

Coast Capital Staff to Bring a Little Help to 50 Small Business Owners

SURREY, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2007) - If you're a typical time-starved small business owner, you could probably do with a bit of help with personal and family activities like preparing meals, mowing your lawn and even kindling the romance between you and your spouse, suggests a new Ipsos Reid survey.

The survey, conducted on behalf of Coast Capital Savings, revealed 75 per cent of small business owners in B.C. wish they could spend more time on, or believe they don't devote enough time to, personal, family and social activities, while 71 per cent wish they could carve out more time for exercise and sports.

"We all know small business owners invest an incredible amount of time in their businesses so to mark Small Business Week we wanted to find out some of the things they're unable to attend to as a result," said Lawrie Ferguson, Coast Capital Savings Senior Vice President, Marketing. "Armed with the survey information, Coast Capital employee teams will be visiting 50 small business locations to give the owners a bit of a helping hand."

The survey provided 355 B.C. business owners with a list of 50 tasks and asked them to choose the ones they would like done for them if given some free help. The list was split evenly between business and home or personal activities. The following is an overall ranking of the top 10 survey items small business owners selected and the percentage that chose each item as an activity/task they would like done for them:

1. Prepare a week's worth of meals (47%)

2. Clean your car and get an oil change (47%)

3. Dust and clean the whole office (46%)

4. Mow the lawn and weed the garden (44%)

5. Clean your oven (42%)

6. Clean and organize your garage (40%)

7. Cook dinner for your family (38%)

8. Arrange a romantic dinner for you and your spouse (36%)

9. Be your workout buddy for the day (30%)

10. Clear your gutter of leaves (29%)

"It's not surprising that almost all the items in the top ten relate to family and personal life because small business owners are always under a time crunch and prioritizing business demands is necessary for success," said Lisa Bolton, Director, Small Business, for Coast Capital Savings. "We also found some interesting gender differences."

"Fifty-nine per cent of women business owners indicated they'd like help preparing meals while the top picks among men at 40 per cent each were help mowing the lawn and weeding the garden, and cleaning the car and getting an oil change."

In general, a significantly higher percentage of female business owners than males said they didn't have enough time for, or wish they could devote more time to, personal/home tasks or chores such as cleaning and cooking, 59 per cent compared to 34 per cent among male small business owners. Fifty-two per cent of women small business owners said they could do with some more sleep, compared to 41 per cent among men.

Women business owners included "Be your workout buddy for the day" among their top 10 choices but this did not make the men's top 10 list. Male small business owners also had items in their top 10 ranking that did not make the women's list, including "Return phone calls to your family and friends" and "Do some cold calling".

In spite of these numbers, 43 per cent of small business owners said they don't have enough time for, or wish they could spend more time working on, their businesses.

In response to the survey, Coast Capital Savings president and CEO Lloyd Craig joined Ferguson, Coast Capital Vice President, Finance David Gaskin and the credit union's small business staff on visits Tuesday to Vancouver small business including Urban Tails Resort Boarding for Cats, Yaletown Sofa Company and a Curves Women's Fitness centre. Craig and the team presented the small business owners with a weeks worth of meals and spent time dusting and cleaning their locations.

"I was pleasantly surprised when Coast Capital offered to drop by with free food because it's not the kind of thing you'd expect from a financial institution and it's a gesture that means a lot," said Angela Dueck, owner of Curves West Point Grey, "I think it's a fabulous sign of support for small business owners during small business month and I'll always remember the day the president and CEO of my financial institution dropped by to help do the vacuuming."

Small business owners who would like a bit of help for free can visit for more information.

The Ipsos Reid survey interviewed B.C. small business owners with one to five employees in early October. The study has a margin of error of plus or minus 5.2 per cent, 19 times out of 20.

Coast Capital Savings is Canada's second largest credit union with $9 billion in assets, 360,000 members and 49 branches in the Lower Mainland and Vancouver Island. The credit union was the first full-service financial institution in Canada to introduce a free chequing account and recently introduced two innovative business banking products, the One Small Fee the Rest is Free business account, the first in the country to offer unlimited business banking for a flat fee, and a Deposit for Free business account. Coast Capital Savings is recognised as one of Canada's 50 Best Managed Companies, one of the 50 Best Employers in Canada, and was named the best corporate citizen in Canada's financial services industry by Imagine Canada.

To view the photo accompanying this release please click the following link:
Caption: Lloyd Craig, CEO of Coast Capital Savings lends a helping hand at the Curves Women's Fitness Centre in West Point Grey. The credit union is helping 50 small businesses with tasks they can't get to because of their busy entrepreneurial lives.

To view the photo accompanying this release please click the following link:
Caption: Entrepreneur Jen Lord gets a week's worth of meals from Coast Capital Savings executives. (From left to right) David Gaskin, vice president, finance, Lloyd Craig, CEO and Lawrie Ferguson, senior vice president of marketing. The credit union is helping 50 small businesses with the tasks they can't get to because of their busy entrepreneurial lives.

Additional photo/interview opportunities available throughout the Lower Mainland.

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