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Small Businesses: Difference between revisions
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* Reasons for the '''smallest group discontinuing hiring include a limited hiring budget, slow or stagnant growth, and a lack of personnel to hire and manage new employees'''. Regarding the latter, the survey found that almost 1-in-4 small businesses have had difficulties hiring and have spent too much time on interviewing. | * Reasons for the '''smallest group discontinuing hiring include a limited hiring budget, slow or stagnant growth, and a lack of personnel to hire and manage new employees'''. Regarding the latter, the survey found that almost 1-in-4 small businesses have had difficulties hiring and have spent too much time on interviewing. | ||
* '''41% of small businesses surveyed ‘often’ or ‘always’ turn down potential opportunities because they are unsure about their cash flow.''' | * '''41% of small businesses surveyed ‘often’ or ‘always’ turn down potential opportunities because they are unsure about their cash flow.''' | ||
=== TD Bank’s Small Business Survey === | |||
=== June 2023 === | |||
The survey collected insights from over 500 small business owners (SBOs), with between $250,000 and $5 million in annual revenue, on the challenges, priorities, and trends heading into the second half of 2023.<ref>https://stories.td.com/us/en/article/small-business-owners-concerned-about-employee-retention-product-shortages-and-inflation-td-bank-survey-shows</ref> | |||
In addition t'''o 62% of business owners naming inflation as one of their primary business concerns''', other top areas of concern were: | |||
* Employee retention and management (24%) | |||
* Product shortages (21%) | |||
* Keeping up with the competition (20%) | |||
“In response to rising interest rates and inflation driving up the cost of doing business, small business owners have had to increase spending to stay competitive," said Chris Giamo, Head of Commercial Banking at TD Bank. "That, coupled with consumers rethinking spending habits, means that inflation is making it harder for businesses on multiple fronts to increase profits and revenue. | |||
* '''80% of small businesses voiced optimism''' about how they will do in the next 12-months, with 20% worried about surviving. | |||
* Neary one in five '''(17%) SBOs identified surviving as a business as their top priority for the second half of 2023. For 35% of SBOs, this means applying for a loan''' or line of credit this year | |||
* '''70% of small employers are prioritizing staff retention. 26% are focusing on new hires, and 4% are reducing staff.''' | |||
== Funding == | == Funding == | ||