Did you know that Citibank, with approximately 200 million customer accounts, is an avid small business supporter?
Citibank conducts periodic surveys to get its finger on the pulse of the latest sentiments of small business owners. In fact, a few weeks ago, Citibank released the results from their latest small business owner survey, Small Business Pulse, and the findings were interesting, as always.
It seems, in general, that small business owners everywhere are successfully navigating their businesses around most economic icebergs of late. Check out the statistics based on the survey responses and see how your responses would compare.
- 50 percent have experienced a sudden cash crunch in the last 12 months. Regardless, 78 percent have given payment extensions to customers.
- 73 percent manage their cash flow daily. 30 percent regard delinquent receivables and bankruptcies as the biggest cash flow challenge.
- 38 percent regard business conditions as slightly better than last year. 25 percent feel differently and cite poor and unchanged conditions from 2011.
- 85 percent is concerned about another possible downturn. In 2011, 90 percent responded in this way, showing a slight decrease.
- 42 percent expect 2012 sales to meet their goals, while 14 percent anticipate exceeding sales goals.
- More than half, 52 percent, have reinvented their businesses for the primary reasons of staying afloat or being more competitive within their industry.
- 51 percent overhauled their technology. 40 percent cite the reinvention trigger as a knowing that something needed to change and followed their gut reaction.
Citibank’s head of small business, Jerome Byers comments, “We admire and support the resilience and commitment shown by small business owners who find ways to move their companies forward. Intuition can lead many small business owners to success in their quest for growth, because they remain close to their customers, the marketplace and operations. While they often feel the need for change, they consistently reinforce that feeling with up-to-date knowledge to keep their businesses thriving. They even suggest research, education and following market changes to other business owners who plan to make significant changes.”
This survey was conducted via telephone August 9 through 30, 2012 by Abt SRBI Research and Public Affairs among a random sample of 750 small business owners, age 18 and older throughout the United States.
For more information on Citibank and the Small Business Pulse survey, click here, here or here.