California's Small Business Owners Plan for Growth
California Bank & Trust Benchmark Survey Reveals Small Businesses Plan to Expand Workforce
San Diego, CA, August 23, 2013 – Adapting to marketplace competition and meeting customer demand has small business owners adapting to the marketplace in new ways according to the results of a survey of 558 small respondents in California conducted by California Bank & Trust (CB&T). More than half (56%) of small business owners have addressed marketplace opportunities and challenges through various approaches such as changing their strategy (28%), expanding their small business (16.5%) or improving their technology (11.5%).
California Bank & Trust fielded its second‐annual benchmark survey to gauge the thoughts and opinions of California’s small business owners in 2013. The survey was conducted in April asking for perspective on the challenges and opportunities for small businesses in California. “We understand that small businesses are the backbone of our state’s economy,” says Tory Nixon, California Bank & Trust Executive Vice President, for the bank. “While we know that economic uncertainty remains, we are also encouraged by the resilience and dedication we see in our small business community. Understanding their needs and concerns helps us to provide service in a way that is more valuable and meaningful to them."
Small Business Owners Expand Workforce
The California Bank & Trust survey also revealed that small businesses may be a contributing factor for growing employment in the state. Some 34.4% of small business owners reported plans to hire additional employees in 2013.
Banking Relationships Seen as Part of the Solution
While fewer small business owners cited a need for added capital in 2013 (46.3%) vs. 2012 (56%), the overwhelming majority do depend on their banking relationship for guidance and success. Some 81.4% described their banking relationship as either “very important” or “somewhat important,” while just 18.6% described it as “not important.” Thirty‐one percent of small business operators said their bank is “knowledgeable and responsive” when it comes to their relationship. “Our goal at California Bank & Trust is to understand the customer’s business as well as they do,” says Nixon. “With a fundamental understanding of their business, we are able to provide the kind of customized service that will help them succeed. Although there is continued economic uncertainty among small business owners, we continue to provide resources that can help them become and remain business strong. It’s evident that small businesses are evolving and thriving. We want to help our small business customers be part of the ongoing improvement in the great state of California.”
About California Bank & Trust
California Bank & Trust, a subsidiary of Zions Bancorporation (NASDAQ: ZION), is one of the largest banks headquartered in California with over $10 billion in assets and 98 branches statewide. CB&T provides a full array of financial solutions for businesses and individuals, including commercial and small business lending, cash management, international banking and wealth management. The professional bankers at CB&T are backed by major resources, yet maintain local-decision making authority and regional market and industry expertise. They are committed to providing clients with valuable business and economic insights and to connecting them with the beneficial business relationships they need to succeed. CB&T is consistently rated by the FDIC as “outstanding” for its Community Reinvestment Act activities. To learn more, visit www.calbanktrust.com. Connect with California Bank & Trust on Facebook, Twitter and LinkedIn.
About the Survey
California Bank & Trust surveyed 558 respondents in California online in April, 2013. The small businesses were defined for the survey as having $10 million or less in annual revenues. For the complete findings of the survey, please click: http://www.calbanktrust.com/smallbiz.
Media Please Note:
For further detail about California Bank & Trust’s survey, Small Business Banking, or to schedule an interview with Tory Nixon, or to request high‐resolution photography or video, please contact Tarah Beaven at Landis Communications, Inc.: (415‐359‐2306; tarah@landispr.com).