The Hartford 2012 Small Business Success Study - Amazon Web ...
The Hartford 2012 Small Business Success Study The second annual Small Business Success Study was developed by The Hartford to better understand the mindset of today’s small business owners and their views on success. The research involved a nationally representative sample of 2,000 small business owners and was conducted in August 2012.
Small Business Owner Landscape Slow economic growth, taxes and uncertainty with federal regulations are viewed as major risks by small business owners.
IRS
Slow economic growth (67%)
Taxes (59%)
Only a third of small business owners are optimistic that the national economy will strengthen this year.
Uncertainty with federal regulations (56%)
33 %
Success Stories Surprisingly, despite these barriers, many small business owners still think their business is successful.
68%
68% of small business owners feel their businesses are operating at a successful level right now.
According to small business owners, major contributors to their success include:
Improved demand for products and services (57%)
Fewer rules and regulations (47%)
Better pool of qualified talent (43%)
Small business owners are making the most of their time during a slower economy by taking steps such as:
80%
Finding ways to cut costs Strengthening existing client relationships
76% 69%
Prospecting new clients BUSINESS PLAN
65%
Refining business strategy 0
20
40
60
80
100
To Hire or Not To Hire
59% of small business owners have not hired in the last 12 months.
67% of small business owners do not intend to hire in the next 12 months.
52% are trying to maintain their current size, either through revenue or number of employees, among other things, at their current levels.
Fewer than half of small businesses are focused on growth, a decline of 10 percentage points from 2011.
41%
Small Business Owners Head to the Polls
A vast majority of small business owners (83%) say that the position of presidential candidates on pro-small business policies will impact their vote in November.
Taxes are Taxing
$
IRS
¢
77% of small business owners think taxes will likely increase.
71% of owners plan to offset the impact by taking less money out of the business.
66% of small business owners will pass along costs to customers.
Success Defined Survey results show that passion and profitability both rank high as being essential to small business success, with more emphasis on the bottom line this year than last. When asked what success means to them, owners note the following as important:
$
2012
2011
To make enough money to have a comfortable lifestyle
85%
79%
To do something I feel passionate about or enjoy
81%
82%
To increase the profitability of the business
81%
77%
To pay my employees enough money for them to have a comfortable lifestyle
70%
72%
To have the free time to do whatever I wish
61%
61%
To make a lot of money
59%
46%
Not-So-Risky Business With a focus on the bottom line, small business owners are assuming a more measured approach to their business. When asked to rate the overall level of risk they are currently taking:
73% indicate they are conservative
27% rate themselves as risky
For more information on The Hartford 2012 Small Business Success Study, visit: www.thehartford.com/successstudy
Small Business Owner Landscape Slow economic growth, taxes and uncertainty with federal regulations are viewed as major risks by small business owners.
IRS
Slow economic growth (67%)
Taxes (59%)
Only a third of small business owners are optimistic that the national economy will strengthen this year.
Uncertainty with federal regulations (56%)
33 %
Success Stories Surprisingly, despite these barriers, many small business owners still think their business is successful.
68%
68% of small business owners feel their businesses are operating at a successful level right now.
According to small business owners, major contributors to their success include:
Improved demand for products and services (57%)
Fewer rules and regulations (47%)
Better pool of qualified talent (43%)
Small business owners are making the most of their time during a slower economy by taking steps such as:
80%
Finding ways to cut costs Strengthening existing client relationships
76% 69%
Prospecting new clients BUSINESS PLAN
65%
Refining business strategy 0
20
40
60
80
100
To Hire or Not To Hire
59% of small business owners have not hired in the last 12 months.
67% of small business owners do not intend to hire in the next 12 months.
52% are trying to maintain their current size, either through revenue or number of employees, among other things, at their current levels.
Fewer than half of small businesses are focused on growth, a decline of 10 percentage points from 2011.
41%
Small Business Owners Head to the Polls
A vast majority of small business owners (83%) say that the position of presidential candidates on pro-small business policies will impact their vote in November.
Taxes are Taxing
$
IRS
¢
77% of small business owners think taxes will likely increase.
71% of owners plan to offset the impact by taking less money out of the business.
66% of small business owners will pass along costs to customers.
Success Defined Survey results show that passion and profitability both rank high as being essential to small business success, with more emphasis on the bottom line this year than last. When asked what success means to them, owners note the following as important:
$
2012
2011
To make enough money to have a comfortable lifestyle
85%
79%
To do something I feel passionate about or enjoy
81%
82%
To increase the profitability of the business
81%
77%
To pay my employees enough money for them to have a comfortable lifestyle
70%
72%
To have the free time to do whatever I wish
61%
61%
To make a lot of money
59%
46%
Not-So-Risky Business With a focus on the bottom line, small business owners are assuming a more measured approach to their business. When asked to rate the overall level of risk they are currently taking:
73% indicate they are conservative
27% rate themselves as risky
For more information on The Hartford 2012 Small Business Success Study, visit: www.thehartford.com/successstudy
