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Small business owners are sacrificing time with their family to ensure their businesses stay afloat, a report has found.

The survey, by accounting software company KashFlow, found that almost a third of business owners said they 'often' forego family time to keep the business going.

The company said that with over 3m businesses run 'single-handedly', the figures suggest many entrepreneurs are struggling to maintain an acceptable work/life balance, putting a strain on family life.

On top of this, one in five said they had increased their personal debt levels and were relying more on credit cards since they had started their businesses.

Almost 20% said they now have a less disposable income, with 8% adding that they 'had not had a holiday in years'. 5% said they had 'less of a social life'.

Duane Jackson, KashFlow's managing director, said it was not just entrepreneurs who are making sacrifices, but also their families.

“The research was commissioned to help us to gain a better understanding of the personal sacrifices small businesses are undertaking to ensure business success.

“The findings have provided a valuable insight into what measures can be taken in order to assist small businesses with their struggles,” he said.