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Small Business Owners' Stress Levels Are On The Rise: TD Bank Survey

CHERRY HILL, N.J. and PORTLAND, Maine, Oct. 2, 2012 /PRNewswire/ -- According to a new survey released today by TD Bank, America's Most Convenient Bank ®, 60% of small business owners reveal their stress levels are increasing, with many identifying managing their money as the primary cause. Not having the customer support they need from their bank also causes stress for small business owners.

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The Top Stressors of Owning a Business

TD Bank's survey – which polled more than 400 small business owners across the bank's Maine to Florida footprint – found that 60% of small business owners say their stress levels are increasing, and that the main culprits of their stress are:  
  • Managing finances (33%)
  • Managing employees (20%)
  • Sales/marketing (19%)
  • Customer/client relations (17%)
  • Working long hours (11%)

"Small business owners are clearly busy, and our survey found that that nearly half (46%) are spending more time managing their money than they'd like," said Jay DesMarteau, Head of Small Business and Government Banking Distribution, TD Bank. "Small business owners can reduce stress by partnering with a bank that respects their time and offers convenient ways for them to bank on their own schedule."

Stress from their Business Banking Relationship

According to the survey results, the majority of small business owners are also stressed about the service they receive from their bank.

When asked to identify what causes them the most stress from their business banking relationship, they said:
  • Lack of available customer support (28%)
  • Limited banking locations (20%)
  • Limited hours of operation (19%)
  • Credit delays for deposited checks (19%)
  • Limited access to deposits (9%)
  • Limited checking account offerings (5%)

"Running a business can be stressful enough, and small business owners deserve partners who help ease the burden," said DesMarteau. "We strive to make business banking easier and stress-free for our customers by providing 24/7 live customer service, extended lobby hours, and a variety of customized lending, deposit and treasury management products and services with choices and great value."

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