Small Business Owners Plan for Better Financial Health in 2013: TD Bank Survey
CHERRY HILL, N.J., and PORTLAND, Maine, Feb. 15, 2013 /PRNewswire/ -- Nearly half of small businesses expect their financial health to improve in 2013 and are confident that sales will increase over 2012, according to a new survey released today by TD Bank, America's Most Convenient Bank®. The survey also found that nearly one-third of small business respondents plan to hire at least one employee in the coming year.
TD Bank's survey polled more than 500 small business owners across the bank's Maine to Florida footprint for their plans for 2013.
- 49% say they are somewhat or very confident that their small business will be in better financial shape than it was in 2012, with 25% still unsure and 25% are not confident about their financial health.
- 47% are somewhat or very confident that they'll exceed their sales performance from 2012, 31% are unsure, and 22% think sales will worsen.
- 59% intend to keep staffing levels the same, but 32% plan to hire at least one new employee, and only 9% plan to downsize their team in the year ahead.
"Small business owners should develop a sound strategy heading into 2013 that focuses on creative ways to boost sales while also monitoring expenses," says Jay DesMarteau, Head of Small Business and Government Banking Distributions, TD Bank. "This strategy starts with small business owners talking with their advisors and partners, including their bank, about their business plans for the upcoming year."
TD Bank's survey also asked small business owners how often they review and update their business plan. According to the results, the frequency in which small business owners review and update their business plan varies. Of those polled, 36% review and update it once a year, 30% every quarter, and 20% each month. The remaining (13%) only do so when applying for new financing.
Given the challenges of today's economy, DesMarteau says small business owners should review their business plan at least every six months and make adjustments whenever significant business decisions are made.
"We're encouraging small businesses to meet with us in early 2013 to review and update their plans and discuss their banking needs for the year," says DesMarteau. "We respect small business owners. By building a personalized relationship with them and having a better understanding of their business, we'll be able to fit them with the products and services they need so they can manage their money and focus on growth and making their wish for more sales come true."
Small business owners can learn more about TD Bank's products and services by visiting one of more than 1,300 locations throughout Maine to Florida when it's convenient for them – TD is open early and open late. Or, they can reach a live representative by phone, 24 hours a day, 365 days a year, at 1-888-751-9000.
About TD Bank's Survey
TD Bank polled more than 500 small business owners within its Maine to Florida footprint to better understand their financial challenges and opportunities for 2013. The research was conducted in November and December 2012 by ORC International, and surveyed companies over the telephone with annual sales of no more than $5 million.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing nearly 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
SOURCE TD Bank