Fifth Third Bank Urges Small Business Owners to
Convert Optimism into Action
Nearly three out of five small business owners (58 percent) are
more optimistic about their future as a direct result of the 2016
presidential election. This wave of optimism is tied to
expectations that the new administration will enact widespread
changes in business policy, regulations, taxation and healthcare
costs.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170427005938/en/
To achieve their goals of growth, small
business owners must translate optimism into action. (Photo:
Business Wire)
In spite of this wave of optimism, barely over half (51 percent)
of business owners say that they regularly follow and update a
business plan. In addition, only 2 percent of small business owners
most often turn to free or low cost solutions offered by the Small
Business Administration, and just 4 percent will most often seek
advice from their banker. They may be optimistic, but a survey
commissioned by Fifth Third Bank (NASDAQ: FITB) shows that small
business owners are leaving valuable resources on the table.
“We’re pleased with the positive outlook carried by many small
business owners, but we also strongly encourage them to not rely on
optimism alone to grow in 2017,” said Kala Gibson, head of Business
Banking for Fifth Third Bank. “Small business owners must translate
optimism into action if they want to achieve their business
goals.”
The nationwide survey of small business owners uncovered small
business owner sentiment, their expectations of a President Trump
administration and what they plan to do with their business in the
year following the election. Global research firm YouGov conducted
the survey in the middle of the critical first 100-day period of
the new administration.
O + A = G: Optimism Plus Action Equals Growth
When asked to identify the sources for their post-election
optimism, small business owners pointed to four key areas where
they expected positive changes to occur. They cited the potential
for:
- More business-friendly policies
(77%)
- Ease on business regulations (68%)
- Corporate tax cuts (60%)
- Lower healthcare costs (59%)
“It’s clear that small business owners have confidence that a
more business-friendly climate is in our country’s future,” Gibson
said. “But we believe that growth requires faith plus action. This
Small Business Week, we encourage small business owners to take
action by scheduling time to meet with their banker and utilize the
many resources that are available to help plan and build for
success.”
While the survey showed that small business owners are most
often turning to peers, friends and family for support, they’re
underutilizing lawyers, bankers and community assistance providers
like the Small Business Administration’s Small Business Development
Centers and Service Corps of Retired Executives (SCORE).
Making Growth a Reality
Overall, 90 percent of small business owners expect some level
of revenue growth in the next 12 months, with 86 percent planning
to take some action to make that growth a reality.
Largely, small business owners report planning similar tactics
to grow their business to those reported in last year’s
pre-election survey, including:
- Increasing online presence (31%)
- Targeting new geographic, demographic,
and other markets (30%)
- Hiring new employees (29%)
- Offering new products and services
(28%)
Obstacles to growth also were identified in the study.
Thirty-two percent of small business owners reported lack of funds
as an obstacle. Following closely behind, a market or product
offering that was too niche was identified as an obstacle by 21
percent of respondents, and lack of non-monetary resources was an
obstacle for 17 percent of those surveyed.
While lack of funds was identified by more small business owners
as a growth obstacle than any other topic, 45 percent said they
wouldn’t consider loans offered by the Small Business
Administration for any reason.
“We’re pleased to see that small business owners are using
time-tested methods to grow their business,” Gibson said. “But,
whether you’re the owner of a micro-business with two employees, or
a small business with revenue in the millions, you can employ
strategies to make growth a reality that aren’t often considered,
including a loan offered by the Small Business Administration.”
For its part, Fifth Third Bank is committed to the development
of small businesses throughout the Bank’s footprint. The Bank has
invested $7 million in a multi-year effort to support community
resources that are vital partners in helping businesses grow. The
Bank joins the rest of the nation as it recognizes the immense
impact made every day by small business owners as part of National
Small Business Week.
Survey Methodology
All figures, unless otherwise stated, are from YouGov Plc. Total
sample size was 505 adults (aged 18+) working full time at private
organizations with less than $10 million in revenue, as the head,
owner, or CEO of their employer. Fieldwork was undertaken between
17th - 23rd March 2017. The survey was carried out online.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of March 31, 2017, the
Company had $140 billion in assets and operated 1,155 full-service
Banking Centers and 2,471 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending, and Wealth
& Asset Management. As of March 31, 2017, Fifth Third also had
a 17.8 percent interest in Vantiv Holding, LLC. Fifth Third is
among the largest money managers in the Midwest and, as of March
31, 2017, had $323 billion in assets under care, of which it
managed $33 billion for individuals, corporations and
not-for-profit organizations through its Trust, Brokerage and
Insurance businesses. Investor information and press releases can
be viewed at www.53.com. Fifth Third’s common stock is traded on
the Nasdaq® Global Select Market under the symbol “FITB.” Fifth
Third Bank was established in 1858. Member FDIC, Equal Housing
Lender.
Copyright © 2017 Fifth Third Bank, Member FDIC,
Equal Housing Lender, All Rights Reserved.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170427005938/en/
Fifth Third BankShandi Huber,
513-534-8894shandi.huber@53.com
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Apr 2024 to May 2024
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From May 2023 to May 2024