Northeast Small Business Owners Anticipate Improved Revenues and Moderate Hiring This Spring: TD Bank Survey
CHERRY HILL, N.J., and PORTLAND, Maine, May 22, 2012 /PRNewswire/ — A new survey of Northeast small business owners by TD Bank, America’s Most Convenient Bank®, reveals that although confidence in the U.S. economy remains low, the majority of those polled expect to meet or improve revenues, and have stable or increased employee headcounts in the upcoming months.
TD Bank’s survey – which polled 500 small business owners across the Northeast – revealed that nearly three-quarters (74%) of small businesses expect to meet or exceed revenue projections this spring. This indicates improved performance, as only 60% of polled small businesses said they met or exceeded revenue projections in the first few months of 2012.
Although only 26% of respondents are optimistic about the U.S. economy, an encouraging 95% said they plan to maintain or increase staffing levels over the next quarter, with 27% looking to hire one or more employees.
“Despite lingering conditions that are affecting economic optimism, we have seen firsthand that entrepreneurial spirit and determination in the Northeast remains alive and well,” said Fred Graziano, Head of Regional Commercial Banking, Government Banking and Small Business, TD Bank. “These survey findings indicate that no matter what obstacles are thrown their way, Northeast small business owners believe they can improve their revenue streams and in some cases, add employees to help contribute to the success of their business.”
The survey indicates that Northeast small business owners are just as happy or happier today than they were a year ago (65%) and remain committed to investing in their business. When asked what their capital investment plans were over the next quarter, a majority (59%) of those polled plan to keep capital investments at the same level while 29% look to increase investments. Of those looking to increase, 6% plan to do so by 15% or more over the next quarter.
TD Bank’s survey additionally found that polled small business owners are unlikely to move to new commercial space within the next year, with 86% saying they are somewhat or very unlikely to move. However, if the opportunity arose, those polled said a more affordable lease (27%), a larger commercial space (25%), a more desirable business location (21%), or an opportunity to buy space (16%) would be the most important reasons for a potential move. The other reasons were moving into a smaller space (7%) and being closer to home (4%).
“As the economy continues its path to recovery, our expectation is that it will be met with healthier small businesses that are increasing their sales and hiring new employees,” said Graziano. “Our dedicated teams of local bankers from the Northeast and across our footprint are ready to assist and provide small businesses of all sizes with the right banking products and services they need to achieve success.”
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 500 small business owners in three states (Maine, Connecticut and New Jersey) and two cities (Boston and Philadelphia) to understand their companies’ current and anticipated financial health, happiness, thoughts on the economy and commercial real estate plans. The research was conducted in April 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 more than 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,280 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, and insurance products and services through TD Insurance, Inc. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS, on Twitter at www.twitter.com/TDBank_US, or visit www.tdbank.com.
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 and one of the few banks in the world rated Aaa by Moody’s. 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