Small Business Owners Plan for Better Financial Health in 2013: TD Bank Survey

Small Business Owners Plan for Better Financial Health in 2013: TD Bank Survey

PR Newswire

CHERRY HILL, N.J., and PORTLAND, Maine, Feb. 15, 2013

CHERRY HILL, N.J., and PORTLAND, Maine, Feb. 15, 2013 /PRNewswire/ --Nearly
half of small businesses expect their financial health to improve in 2013 and
are confident that sales will increase over 2012, according to a new survey
released today by TD Bank, America's Most Convenient Bank^®. The survey also
found that nearly one-third of small business respondents plan to hire at
least one employee in the coming year.

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TD Bank's survey polled more than 500 small business owners across the bank's
Maine to Florida footprint for their plans for 2013.

  o49% 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.
  o47% are somewhat or very confident that they'll exceed their sales
    performance from 2012, 31% are unsure, and 22% think sales will worsen.
  o59% 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.

"Small business owners should develop a sound strategy heading into 2013 that
focuses on creative ways to boost sales while also monitoring expenses," says
Jay DesMarteau, Head of Small Business and Government Banking Distributions,
TD Bank. "This strategy starts with small business owners talking with their
advisors and partners, including their bank, about their business plans for
the upcoming year."

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.

Given the challenges of today's economy, DesMarteau says small business owners
should review their business plan at least every six months and make
adjustments whenever significant business decisions are made.

"We're encouraging small businesses to meet with us in early 2013 to review
and update their plans and discuss their banking needs for the year," says
DesMarteau. "We respect small business owners. By building a personalized
relationship with them and having a better understanding of their business,
we'll be able to fit them with the products and services they need so they can
manage their money and focus on growth and making their wish for more sales
come true."

Small business owners can learn more about TD Bank's products and services by
visiting one of more than 1,300 locations throughout Maine to Florida when
it's convenient for them – TD is open early and open late. Or, they can reach
a live representative by phone, 24 hours a day, 365 days a year, at
1-888-751-9000.

About TD Bank's Survey
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.

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 nearly 8 million customers with a full range of retail, small
business and commercial banking products and services at more than 1,300
convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the
Carolinas and Florida. In addition, TD Bank and its subsidiaries offer
customized private banking and wealth management services through TD Wealth^®,
and vehicle financing and dealer commercial services through TD Auto Finance.
TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn
more, visit www.tdbank.com. Find TD Bank on Facebook at
www.facebook.com/TDMoneyLoungeUS and on Twitter at www.twitter.com/TDBank_US.

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. 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

Website: http://www.tdbank.com
Contact: Judy Rusk, Office: +1-856-533-5357, Cell: +1-609-502-9664,
judith.rusk@td.com