SC Small Businesses Anticipate Improved Revenue Performance in Early 2012: TD Bank Survey
April 10, 2012
SC small businesses also expect stable staffing levels; show little interest in moving to a new commercial space within the next 12 months
GREENVILLE, SC – April 10, 2012 – A new survey of South Carolina small business owners by TD Bank, America’s Most Convenient Bank®, reveals that despite a lack of optimism in the U.S. economy, the majority of those polled remain content and expect met or increased revenues and stable staffing levels in the upcoming months.
Although 51% of polled South Carolina small businesses reported that they aren’t optimistic about the U.S. economy, TD Bank’s survey – which polled 100 small business owners in South Carolina – found that 73% expect to meet or exceed revenue projections in the first few months of 2012. This indicates increasing performance, as only 55% of polled South Carolina small businesses said they met or exceeded revenue projections during the last quarter of 2011.
“Despite some remaining obstacles in South Carolina’s road to recovery, it’s encouraging that a majority of small businesses polled in this survey expect to meet or increase revenues in the upcoming months,” said Rob Hoak, Regional President for North and South Carolina, TD Bank. “We’ve heard from many of our small business customers throughout the state that they’re determined to overcome any challenges that would prevent them from enjoying improved success in the upcoming months.”
According to the results of the survey, South Carolina small business owners’ concern about the U.S. economy hasn’t hindered their mood or commitment to investing in their business. Of those polled, 60% are just as happy or happier than they were a year ago, and 60% also expect to keep staffing levels the same over the next quarter, with 26% looking to hire at least one employee. When asked what their capital investment plans were over the next quarter, a majority (53%) of those polled plan to keep capital investments the same and 27% look to increase them. Of those looking to increase, a few (3%) plan to do so by 15% or more over the next quarter.
TD Bank’s survey additionally found that South Carolina 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 move into a larger commercial space (30%), a more desirable business location (28%), a more affordable lease (17%), and moving into a smaller space (15%) would be the most important reasons for a potential move. The other reasons were an opportunity to buy space (7%) and being closer to home (3%).
“Over the past few months, we’ve seen an uptick in loan demand and indications that South Carolina small businesses are prepared to grow and invest in their business as the economy improves,” said Hoak. “TD Bank is committed to helping South Carolina small businesses achieve success, and we’re prepared to meet the increased demand for banking products and financial services that will accompany economic growth.”
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 100 small business owners in South Carolina 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.
