- TD Canada Trust Small Business Survey shows significant number of Canadians would be willing to pay more to support local small businesses -
TORONTO, Oct. 19 /CNW/ - Size matters. Especially if you are looking for more attentive, personalized and friendly service. This was revealed to be the top advantage of buying products and services from a local small business, according to the TD Canada Trust Small Business Survey. The survey, which looked at both attitudes of small business owners and the attitudes of Canadians towards small businesses, showed strong support for small companies, with 89% of respondents saying they actively support small businesses in their community.
The responses from Canadians towards small businesses complement the findings from small business owners. Eighty-four percent of respondents say their satisfaction with owning a business comes from the personal connection they have with their customers.
"Not surprisingly, personalized service and relationships play a key role both for customers and for small business owners," says Alec Morley, Senior Vice President, TD Canada Trust. "What is a bit surprising is how important that is to Canadians - 31% say they would be willing to pay up to 10% more than the cost at 'big box' stores to support local small businesses in their community."
TOP ADVANTAGES OF SMALL BUSINESSES
When Canadians were asked what they see as the top advantages of buying products or services from a local small business, the top three answers selected were:
<< 1. More attentive or personalized, friendly service - 69% 2. Relationship with business owner - 50% 3. Better quality products or unique products - 28% / Faster to get shopping done - 28% >>WHERE DO CANADIANS PREFER TO SHOP?
All things being equal, Canadians' overwhelming preference is to shop at independent businesses. Survey respondents were asked to imagine that they needed to make a purchase of a household item priced at $100 at a local, independent store and $100 at the local big box store (located in the same area). Sixty-five per cent said they would choose the independent store.
SMALL BUSINESS, BIG BENEFITS
In addition to small business owners saying they derive satisfaction from the personal connection they have with their customers (84%), respondents say that owning a small business gives them a sense of pride and accomplishment (97%) and that business ownership has allowed them to donate their time or money to charities, sports teams or cultural events (86%).
"For those who are contemplating starting a company because they are looking for the personal satisfaction that comes from owning your own business, come see a small business advisor at TD Canada Trust. They can really help you make the right decisions," says Morley. "TD Economics' research shows that there are growth opportunities across all sectors and in all regions of Canada."
TD Canada Trust Small Business Survey
The TD Small Business Survey examined the attitudes and behaviours of 1,000 adult Canadians and 711 small business owners in Canada. The survey of adult Canadians was conducted through the Vision Critical online panel on October 4, 2010 and the small business owner research was conducted by Environics Research between May 13 and June 15, 2010. Small businesses were defined as those companies having 5 to 50 employees.
For additional information for small business owners, please visit: tdcanadatrust.com/smallbusiness
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group (TDBFG or the Bank). TDBFG is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TDBFG also ranks among the world's leading online financial services firms, with more than 6 million online customers. TDBFG had $603 billion in assets on July 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.