News & Events

2013 Looking Good for Small Business

As we have just passed the 1/2 mark for the 2013 business year, small business owners are finding the business climate positive. 
Forty-three percent of small-business owners consider business conditions to be positive, according to a Citibank small business survey.  That number has almost doubled since the last survey.

Small-business owners cited some of the following ways they kept business thriving:
  • 88% kept updated and knowledgeable about their field
  • 70% increased face time with customers
  • 67% updated/upgraded computer systems
  • 52% increased their use of the internet and social media
  • 51% built a network of suppliers and partner companies
 
“Small-business owners risk everything to pursue their dreams and are willing to do what it takes to make it,” said Maria Veltre, Managing Director, Citi Small Business. “Their personal sacrifices, passion and ability to adapt have positioned them to capitalize on improving business conditions.”

A majority of respondents (53 percent) say they have reinvented their business “to stay afloat or competitive.” This strategy is reinforced in the current competitive climate that 38 percent of respondents describe as “extremely intense.”

“Small-business owners are especially adept at reinvention – whether because of obstacles or new visions for growth,” Veltre said. “Change is never easy, but neither is starting and running a business. We see our small-business clients embracing change and reinventing themselves to secure a rewarding future.”

Stay in the know!

Sign up for emails to receive product and service updates, as well as exclusive offers and discounts.