Survey also finds Florida small businesses unlikely to move to a new commercial space within the next 12 months
MIAMI, March 26, 2012 /PRNewswire/ -- A new survey of Florida's small business owners by TD Bank, America's Most Convenient Bank®, reveals that despite lingering economic concerns about the U.S. economy, the majority of those polled remain upbeat and expect met or increased revenues and stable staffing levels in the upcoming months.
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TD Bank's survey – which polled 300 small business owners across Florida's Northeast, Central and Southeast regions – revealed that 69% of Florida small businesses expect to meet or exceed revenue projections in the first few months of 2012. This indicates increasing performance, as only 54% of polled small businesses said they met or exceeded revenue projections during the last quarter of 2011.
A majority (64%) of respondents are just as happy or happier now than they were a year ago, despite slightly over half (53%) feeling neutral or optimistic about the U.S. economy.
"Although headwinds remain in Florida's journey to economic recovery, these results reiterate what we've been seeing and hearing from our customers throughout the state over the last few months," said Kevin Gillen, Regional President for Florida, TD Bank. "Florida's small business owners are upbeat and resilient, and they've shown that they'll persevere in order to bolster their sales and enjoy increasing success as the economic recovery continues."
The survey indicates that Florida's small business owners also remain committed to investing in their business. An encouraging 67% plan to keep staffing levels the same over the next quarter, with 24% looking to hire at least one employee. Of those polled, 82% also plan to maintain or increase capital investments up to 15% or more.
TD Bank's survey additionally found that Florida small business owners are unlikely to move to a new commercial space within the next year, with 83% saying they are somewhat or very unlikely to move. However, if the opportunity arose, those polled said a more affordable lease (24%), a larger commercial space (23%), a more desirable business location (21%), and an opportunity to buy space (18%) would be the most important reasons for a potential move. The other reasons were being closer to home (8%) and moving into a smaller space (6%).
"As the economy continues to improve, TD Bank is prepared to meet the increased demand for banking products and financial services that small businesses will need," said Gillen. "Whether it's applying for a new business loan, commercial real estate mortgage or signing up for a small business checking account, our 2,100 Florida employees will strive to make business banking easier, more efficient, and hassle-free for Florida's entrepreneurs."
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 300 small business owners in Florida's Northeast, Central and Southeast regions to understand their companies' current and anticipated financial health, happiness, thoughts on the economy and commercial real estate plans. The research was conducted in February 2011 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