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Small business owners expect growth, little hiring in 2013


Staff Report
Published Feb. 19, 2013

A survey of small businesses by TD Bank found that even though most owners expect to grow sales and improve their bottom lines in 2013, nearly 60% don’t have any plans to hire or downsize.

The survey found that nearly half of small business owners responding expect an improved bottom line for 2013 along with increased sales over last year. Nearly 33% of small businesses also said they plan to hire at least one employee in the coming year and 9% plan to downsize.

More than 500 small business owners were polled by TD Bank from Maine to Florida where the bank operates, the company said.

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

Among other findings of the survey:

Will your business be in better financial shape than it was in 2012?

Somewhat/confident
Unsure
Not confident

49%
25%
25%

Will your sales performance beat 2012 figures?

Somewhat/confident
Unsure
Sales will worsen

47%
31%
22%

How do you think staffing levels will change?

Stay the same
May hire at least one
Plan to downsize

59%
32%
9%

Source: TD Bank


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