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Small Business Owners Love the Control and Flexibility in Owning Their Own Business

Banking and bookkeeping – along with managing employees – are among their least favorite day-to-day tasks, they report in a new TD Bank survey.

Cherry Hill, NJ
May 27, 2014

According to the results of a recent small business owner survey conducted by TD Bank, America’s Most Convenient Bank®, nearly all small business owners (96 percent) report that flexibility and control is the best part about owning their own business.

That flexibility and control is also what they love most about owning a business compared with working at a larger corporation (95 percent), and almost half (44 percent) reported that it’s what prompted them to start their business in the first place.

“We conducted this survey because we feel it’s invaluable to understand our small business customers. A lot of them become entrepreneurs so they can be their own boss, control their work hours and find that perfect work-life balance,” said Jay DesMarteau, TD Bank’s Head of Small Business. “Knowing that better enables us to provide them with the products and services that are going to help them best manage their finances.”

Tasks to Love and Hate

TD Bank's survey, which polled more than 500 U.S. small business owners, also asked owners to identify their favorite and most hated tasks as business owner.

More than half of those surveyed (68 percent) love talking with clients/customers. Forty percent love fulfilling products orders/services. A quarter reported enjoyment from sales and setting appointments, while only 15 percent report that they love bookkeeping. Male owners like sales more than female owners (30 percent vs. 20 percent); while female owners are more likely to enjoy bookkeeping (19 percent vs. 11 percent).

However, bookkeeping as a whole was the least favorite task for almost half (46 percent) of the owners, with marketing the business and banking and handling finances tied for second most hated tasks (22 percent each).

“As a banking partner, we’re here to help business owners manage their finances in convenient ways so they can focus on the things they love about their job,” DesMarteau said. “Customers can bank with us in a store, online, or even with their smartphone; we look for ways to make banking convenient because we get it - we love spending time with customers, too.”

Have a Business Plan

TD Bank asked small business owners to reflect on the beginning of their own business venture, and consider the best advice to give to someone else just starting out. Nearly half said having a well thought-out business/financial plan is the top tip they would offer.

“I agree that this is great advice to give to new small business owners,” said DesMarteau. “We encourage small businesses to meet with us to review and update their plans routinely, not only to help them keep a pulse on the financial health of their business, but to make sure they’re using the right banking products and services possible for them to manage their finances efficiently.”

Other Key Survey Facts

  • Nearly half of small business owners surveyed work more than 40 hours per week, with 40 percent working between 40 and 60 hours.
  • Overall, owners reported that industry associations/networking groups are the greatest source of small business ownership advice (41 percent), followed by friends and family (35 percent).
  • One in five business owners are concerned with money and finances – it’s what keeps them up at night. However, the owners report that business management (25 percent) and business growth (23 percent) are the top three worries that cause late night worry.
  • Owners working more than 60 hours per week find bookkeeping and banking to be particularly draining (58%  hate bookkeeping and 34% banking).

                                                                                                              

TD Bank Small Business ranks highest in J.D. Powers’ Small Business Customer Satisfaction Northeast survey and was recently named as Money Magazine’s “Best Big Bank in America” for 2013.

To learn more about TD Bank, America's Most Convenient Bank, stop by a store, visit us at www.tdbank.com, find us on Facebook at www.facebook.com/TDBank or on Twitter at www.twitter.com/TDBank_US.

Survey Methodology

The study was conducted among a nationally representative group of small business between April 23rd and April 28th, 2014. Included were small businesses of $5 million or less in revenue, and 100 employees or less. The sample size of 508 has a margin of error of +/- 4.3 percent. The survey was hosted by global research company Angus Reid Public Opinion.

About Angus Reid Public Opinion

Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.

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 approximately 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. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank 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.

For further information: Judith Schmidt Office 856-533-5357 Mobile 609-502-9664 Judith.Schmidt@td.com

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