- 2011 TD Canada Trust Small Business Survey finds 65% of business owners give their company's performance an A or B grade -
TORONTO, Oct. 3, 2011 /CNW/ - Despite the long hours, cash flow worries
and HR challenges, Canada's small business owners are an optimistic
group. According to the 2011 TD Canada Trust Small Business Survey,
50% of business owners think 2012 will be a good year for their
business and a further 13% believe that 2012 might be their best year
These optimistic findings from the annual survey, which examined the
attitudes and behaviours of small business owners in Toronto, Montreal,
Vancouver and Calgary, are supported by owners' grading of their own
company's performance over the current or most recent fiscal year.
Two-in-ten small business owners gave their company's performance an A+
(5%) or A (16%), 44% graded their business a B, 22% gave their
businesses a C, and 11% gave their company a D.
"It's very encouraging to see the majority of small business owners are
so optimistic about their business prospects in 2012," says Alec
Morley, Senior Vice President, Small Business Banking, TD Canada Trust.
"Sixty-five percent of Canadian small business owners gave their
company's recent performance a B or above, so it's evident that many
entrepreneurs are experiencing success despite the barriers in their
way and this is due, in part, to good business planning, hiring
talented teams and innovating."
According to the survey, those business owners who gave their companies'
performance A or A+ grades say they succeeded because they made smart
business decisions that allowed them to exceed projections (95%), hired
great talent and retained the right people (87%), forecasted well (86%)
and innovated with the right products and services at the right time
BARRIERS TO SMALL BUSINESS SUCCESS
Operating a small business does have its challenges. In 2011, recruiting
and engaging quality staff moved up on the agenda for small businesses.
According to the TD Canada Trust Small Business Survey, small business owners identified attracting staff (76% versus 66% in
2010) and retaining staff (72% versus 64% in 2010) as two of the top
barriers to success facing small business owners today. Perhaps not
surprisingly, those business owners who say they work more than 60
hours a week are more likely to cite retaining staff as one of their
most significant barriers to success (77%).
Although human resource issues were identified as greater challenges in
2011 than 2010, cash flow management continues to top the list as the
most significant barrier to small business success. Seventy-eight
percent of small business owners identified cash flow management as a
significant barrier to the success of their business, with 41% saying
it is very significant.
"Whether you need funding for innovation or are simply managing the time
gap between payroll and getting paid by customers, access to sufficient
cash and credit is integral to running a successful small business,"
says Morley. "A small business advisor at your bank can help you with
financial solutions to ensure you have the right cash flow management
system in place to suit your business' unique needs. At TD Canada
Trust, we understand that small business owners often work long hours.
That's why we have hundreds of branches across Canada that are now open
seven days a week, making it easier for busy business owners to visit
our advisors when it's convenient."
ABOUT THE 2011 TD CANADA TRUST SMALL BUSINESS SURVEY
The 2011 TD Canada Trust Small Business Survey examined the attitudes and behaviours of 402 small business owners in
Toronto, Montreal, Vancouver and Calgary. Small businesses were
defined as those companies having 5 to 50 employees. The research was
conducted by Environics Research between April 19 and May 9, 2011.
ABOUT TD CANADA TRUST
TD Canada Trust offers personal and business banking to more than 11.5
million customers. We provide a wide range of products and services
from chequing and savings accounts, to credit cards, mortgages and
business banking, to credit protection and travel medical insurance, as
well as advice on managing everyday finances. TD Canada Trust makes
banking comfortable with award-winning service and convenience through
24/7 mobile, internet, telephone and ATM banking, as well as in over
1,100 branches - most open 8 'til late and many now open Sunday. For
more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the
sixth largest bank in North America.
SOURCE TD Canada Trust
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