SME businesses that use technology such as social media, mobile apps or search engine optimisation have higher confidence in their business outlook, according to a Suncorp report.

“As technology and digital capabilities continue to enhance and evolve, so do the opportunities for business,” Suncorp CEO Customer Platforms Gary Dransfield said.

“We found businesses that use online or digital tools are more confident in reaching their medium-term business goals.”

The SME vs Me report says owners often blur the lines between personal and business finances, which affects their wellbeing.

One in three use personal finances to manage their cashflow and one-quarter of sole traders and business owners in operation for less than three years have not been paid by their business in the past year, according to the report. Only one in five make personal superannuation contributions.

But most are generally satisfied, despite the personal sacrifices, and tend to take a longer-term view.

“Business owners aren’t motivated by instant gratification or quick success,” Mr Dransfield said.

“It takes at least three years for a business owner to feel confident and satisfied about their business’ profit generation and outlook.”

Generally, owners are likely to be more satisfied with their work-life balance – despite one-fifth working at least 60 hours a week – if they take time to look after their health, ensure work does not intrude on their personal life and complete their work within normal hours.