Small Business Owners' Stress Levels Are on the Rise: TD Bank Survey
Small business owners cite managing their money as the leading cause of stress
CHERRY HILL, N.J. and PORTLAND, Maine, Oct. 2, 2012 /PRNewswire/ -- According to a new survey released today by TD Bank, America's Most Convenient Bank®, 60% of small business owners reveal their stress levels are increasing, with many identifying managing their money as the primary cause. Not having the customer support they need from their bank also causes stress for small business owners.
The Top Stressors of Owning a Business
TD Bank's survey – which polled more than 400 small business owners across the bank's Maine to Florida footprint – found that 60% of small business owners say their stress levels are increasing, and that the main culprits of their stress are:
- Managing finances (33%)
- Managing employees (20%)
- Sales/marketing (19%)
- Customer/client relations (17%)
- Working long hours (11%)
"Small business owners are clearly busy, and our survey found that that nearly half (46%) are spending more time managing their money than they'd like," said Jay DesMarteau, Head of Small Business and Government Banking Distribution, TD Bank. "Small business owners can reduce stress by partnering with a bank that respects their time and offers convenient ways for them to bank on their own schedule."
Stress from their Business Banking Relationship
According to the survey results, the majority of small business owners are also stressed about the service they receive from their bank.
When asked to identify what causes them the most stress from their business banking relationship, they said:
- Lack of available customer support (28%)
- Limited banking locations (20%)
- Limited hours of operation (19%)
- Credit delays for deposited checks (19%)
- Limited access to deposits (9%)
- Limited checking account offerings (5%)
"Running a business can be stressful enough, and small business owners deserve partners who help ease the burden," said DesMarteau. "We strive to make business banking easier and stress-free for our customers by providing 24/7 live customer service, extended lobby hours, and a variety of customized lending, deposit and treasury management products and services with choices and great value."
When It Comes to Business Banking, Customer Service Is Key
TD Bank's survey also found that more than half (52%) of small business owners say exceptional customer service is what they appreciate the most from a bank. Respondents valued customer service above other benefits including convenient banking hours (21%), a large network of branches/locations (15%), and a variety of products and services that fit their business' needs (12%).
"Small businesses place strong value on customer service and personal relationships, so it makes sense that they look for those same qualities in their bank," said DesMarteau. "TD Bank takes that same approach, treating our small business customers the way they'd like to be treated, with respect."
TD Bank is also using social media to educate and converse with small business owners with the creation of informative videos about small business banking on YouTube (www.youtube.com/TDBankUS) and live weekly Twitterviews (Q&A). Each Friday, Small Business Banking experts will be available for live #smallbizfridays on Twitter @TDBank_US (www.twitter.com/TDBank_US) to answer questions and share tips and advice.
About TD Bank's Survey
TD Bank polled more than 400 small business owners within its Maine to Florida footprint to understand the recent stress levels and top stressors associated with running their business, as well as their banking relationship. The research was conducted in September 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 nearly 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 is one of the few banks in the world rated Aaa by Moody's and trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
SOURCE TD Bank
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