VISA Small Business
Q2 2014 Visa Small Business Spend Insights Report
Visa® Small Business Spend Insights combines quarterly survey results with Visa Business card spend data to provide a snapshot of your small business customers’ economic confidence and operational needs.
As a partner of VISA Small Business, ICSB has contributed an article to the publication “How do you define marketing?”. Visit Page 6 of the report to read in full.
Findings at a glance
Small business owners’ optimism continues as key concerns trend downward: At the mid-point of 2014, attitudes about the growth of the economy and its effects on businesses continue to be significantly more positive than in years past, although responses have changed little since 2013. At the same time, key concerns like staying in business, customer acquisition and retention, cash flow, taxes and health care costs continued a steady decline, which is a positive sign for the economy.
Online marketing appears to be a higher priority for small business owners: For the first time since this question was asked in 3Q12, small business owners indicated greater attention to online marketing efforts than offline — as well as intentions to spend more online than offline. Although concern over attracting and retaining customers has declined in recent years, it ticked up this quarter indicating business owners may be searching for cost-effective ways to bolster their customer bases.
Desire for cash flow management solutions reaches all-time high: Overall concern around managing cash flow has improved gradually since 2012. However, it remains a top-five concern and continues to be the number one cash-management challenge by far. Financial institutions may find opportunities in the fact that small business owners’ interest in cash flow tools reached its highest level since this survey began.
Shift from checks to cards continues to be steady, but gradual: Small business owners’ preferred method for paying business expenses has been shifting slowly from checks to credit cards for several years. Respondents consistently cite a few specific factors as the top barriers to plastic, so financial institutions may look to this insight as they develop strategies to drive card usage.
To view the full Q2 2014 Visa Small Business Spend Insights Report, click HERE.
Growing your business
Small businesses are the backbone of the U.S. economy. There are approximately 28 million nationwide, accounting for 54% of all sales and almost half of all jobs (United States Census Bureau: Statistics of U.S. Businesses: http://www.census.gov/econ/susb/. February 12, 2014).
Visa recognizes the vital role small business owners play in the economy, and we’ve created this workbook to help you achieve business success. You’ll find helpful information about credit: the basics, benefits and uses, as well as how to build good credit or repair bad credit.
