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TD Bank: Small Business Owners Expect Improved Financial Health in 2013

February 19, 2013, 07:08 AM
Filed Under: Economic Commentary

According to a new survey released by TD Bank, nearly half of small businesses expect their financial health to improve in 2013 and are confident that sales will increase over 2012. 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.

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.

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.

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