“Small businesses thrive on deep customer relationships,” Byers notes. “Face time isn’t just client service. Those relationships contribute to staying educated about your market and can be the source of ideas. A conversation today can be part of your business plan tomorrow.”#5: Keep a close eye on cash and budgets. Many small businesses are budgeting conservatively and pocketing cash reserves as a cushion. Their caution stems from experience, as 58% say a major challenge to running the business in the past few years has been having enough cash. Most small business owners (73%) handle their own cash management and feel like they have it under control. #6: Be involved. Whether it’s the 51% who built a network of suppliers and partner companies around the business, or the 47% who became more active in the community and other local organizations, small business owners understand the value of investing time in the community. #7. Be prepared. If the economy were to face another downturn, 80% of survey respondents feel prepared to weather market weakness. In previous Citibank small business surveys, small business owners said they took actions such as reducing costs, renegotiating contracts and operating leaner. #8: Plan ahead. Among small business owners, 27% can predict their cash standing four to six months into the future. “Future thinking and proactive planning is critical,” says Byers. “The enemies of long-term success can be complacency over current success or paralysis over a tough situation.” #9: Stick with your aspirations. Business owners bring their hopes and dreams to life when they start out, tying business to their personal sense of success. Statistically, 63% say they are living their dream and 75% would do it all over again despite the challenges. #10: Market, market, market. Over half (53%) have increased their own social media and online advertising in the past year; 54% invested in website improvements and search engine presence.
About the Citibank® Small Business PulseThis Citibank survey was conducted via telephone August 9, 2012 – August 30, 2012 by Abt SRBI Research and Public Affairs among a national random sample of 750 small business owners/operators, age 18 and older throughout the United States. Oversample interviews were conducted in New York (200 interviews) and California (200 interviews) markets. The margin of error for the national sample is approximately +/- 3.58% and +/- 6.93% for New York and California over samples. Surveys are subject to other error sources as well, including sampling coverage error, recording error, and respondent error. About Citi Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi Copyright © 2012 Citigroup Inc. Tags/Keywords:Citi, Citibank, small business, CitiBusiness, Citibank® Small Business Pulse © 2012 Citigroup Inc. Citibank, N.A. Member FDIC. Citibank and Citi with Arc Design are registered service marks of Citigroup Inc.