TD Bank Small Business Pulse Check: NYC Expects Growth
TD Bank announced the results of its inaugural New York City Small Business Pulse Check, a regionally focused survey which includes questions on the challenges and opportunities facing small businesses in the five boroughs. TD asked small business owners about business goals, hiring plans, expected impact of the Affordable Care Act, and the influence of the economy on their business.
The TD Bank Small Business Pulse Check polled 500 small business owners with revenue of $5 million or less in Staten Island, Queens, Manhattan, Brooklyn and the Bronx. Results show that 44% of local small business owners expect to see revenue growth in 2014, but hiring optimism is lagging with 61% of those surveyed planning to maintain staffing levels next year.
“The five boroughs are each unique and great places in which to do business. The TD Bank Small Business Pulse Check found that despite the individuality across the boroughs, small business owners in New York City as a whole are experiencing the same opportunities and challenges,” said Chris Giamo, regional president for TD Bank’s Metro New York market. “We want New York small business owners to know that we are here to help them manage those challenges and take advantage of the opportunities so they can succeed in 2014.”
More than half of small business owners surveyed (55%) do not believe the Affordable Care Act (ACA) will impact their business. Of the nearly one-quarter who anticipate a negative impact from the legislation, most are concerned about rising costs. Thirteen percent of respondents indicated that the healthcare reform would reduce healthcare access and choice.
Twenty-one percent of area business owners anticipate a positive impact from healthcare reform, with the ability to get insurance or offer insurance to employees being singled out as benefits of the ACA.
Small business owners in Staten Island and Manhattan felt more strongly that there would be no impact (59%) from ACA, compared with the Bronx (46%), which felt most strongly of the boroughs that there would be a negative impact.
“We want small business owners to know they can come to our stores, or call their banker, and talk with us about the implications the Affordable Care Act could have on their business,” continued Giamo.
More than one-half (56%) of the small business owners report that their businesses have been negatively impacted by the U.S. economy with respondents correlating the economic situation with declining sales and limited consumer spending.
In Queens, 62% of small business owners reported a negative impact, compared with 53% in Manhattan, 57% in Staten Island, 56% in the Bronx and 54% in Brooklyn.
“Across the boroughs, our small business owners are feeling the effects of the economy,” said Giamo. “We’re committed to being a partner for them as they navigate the recovery.”
The study was conducted among a representative group of small business owners from the five New York City boroughs between November and December 2013. Included were small businesses of $5 million or less in revenue, and 100 employees or less. The sample size of 700 includes a population of 200 Hispanic small business owners. The survey was hosted by global research company ORC International.