Despite the obvious benefits, most small businesses owners have been slow to embrace technology to replace many of their manual systems.

A study by online marketing firm Yodle revealed that although more than half of small businessowners use technology for accounting, only a fraction of that use automated technology for other key business operations.

Specifically, less than 40 percent of those surveyed use technology to assist with appointment booking and scheduling, with only 34 percent using it for customer relationship management purposes and 14 percent for acquisition marketing.

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Small businesses also haven't been quick to jump online. The research found that more than half of small businesses don't have a business website and 90 percent don't have a site that's optimized for mobile use.

Overall, the research on the state of small businesses show most owners are glad they're doing what they're doing. More than 90 percent are happy they became small businessowners, while nearly 60 percent have no plans to sell their business for at least the next five years.

A positive approach to work-life balance is one factor that's contributing to owners' happiness. More than half of small business owners don't work more than 40 hours a week, with just 9 percent logging in more than 60 hours each week. Additionally, more than 70 percent of those surveyed take at least two weeks of vacation time every year.

Small business owners aren't without their worries, however. Finding new customers, affording health care and other employee benefits, and keeping current customers are their top three professional concerns.

The study was based on surveys of more than 300 small business owners nationwide across a large array of service industries.