TD survey also finds widespread satisfaction with service provided by financial institutions
TORONTO, Oct. 7, 2014 /CNW/ - Overhead expenses and taxes are the two biggest challenges facing small business owners in Canada, followed by concerns about pricing and marketing, according to a recent TD survey, which also found that about a quarter of small businesses are concerned about the costs of labour and finding talented employees.
"Small businesses have to deal with a lot of the operational challenges that bigger businesses face, but they can seem magnified for a small business owner who is also trying to operate with a smaller staff," said Michelle Harvey, Assistant Vice President, Small Business Banking Product, TD Bank Group. "Fortunately, there are some things that work really well for them, including the service they receive from their financial institution."
Harvey notes that small businesses, which employ between one and 99 people, account for more than 98 per cent of all businesses in Canada. The TD survey found that small business owners were least concerned about banking practices, with less than eight per cent citing them as one of their top-three challenges.
"Two-thirds of small business owners have been with the same financial institution for five years or more, while nearly 80 per cent say they're satisfied with the service they're receiving," she said. "While they tend to choose a financial institution because it provided a good experience with their personal accounts, they stay with it because it meets their business needs and provides good service."
The TD survey found that service and convenience were the top features small business owners looked for in their financial institution, cited by more than 90 per cent of respondents, followed by the institution's overall expertise and its knowledge of a client's business. Only three per cent of small business owners said they were very likely to switch to another financial institution within the next year.
"Small businesses are an extremely important part of the Canadian economy, accounting for most of the new jobs created every year," said Harvey. "Financial institutions like TD work closely with small business owners across the country to help them start, build and sustain their businesses, and that's good for everyone."
For more information, tools and resources for small business owners, visit https://www.tdcanadatrust.com/products-services/small-business/smallbusiness-index.jsp
About the TD Canada Trust Small Business Poll
TD Canada Trust commissioned Leger Research Group to conduct a survey of 305 Small Business Owners in British Columbia, Alberta, Ontario and Quebec. Responses were collected between September 24 and 28, 2014.
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, with convenient hours to serve customers better. 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