OnDeck Targets SME Work/Life Balance

A recent survey by alternative SME lender OnDeck uncovered a top concern among small business owners in the U.S.: work/life balance. On Tuesday (Aug. 23), the firm announced a new initiative to help its small business customers.

In its quarterly Main Street Pulse Report, OnDeck found that 86 percent of SMEs agreed that “one needs to be exceptional at time management to excel as a small business owner.” Most entrepreneurs, however, aren’t confident in their ability to balance their work and personal lives.

According to OnDeck, 61 percent agreed that they “constantly feel like they are racing against the clock.” On average, these entrepreneurs said they work an average of 69 hours every week to be successful in running their businesses.

The company found a number of factors behind the struggle for small business owners to effectively manage their time. The report said applying for credit, customer service, marketing and HR are all top time-intensive aspects of running a small business.

“Our research shows that small business owners are pressed for time and need to find ways to free up more time in their day,” said OnDeck Chief Marketing Officer Andrea Gellert in a statement.

In response to the survey’s findings, the lender said it is now releasing time management tools for its small business clients.

“We’re committed to helping small businesses obtain efficient access to capital so they can spend time on things most important to them,” Gellert added.

The resources that will be offered by OnDeck include a series on time management tips and best practices and a Facebook Live chat.