2019 Small Business Owner Survey
To celebrate national Small Business Week, WalletHub polled small business owners across the country on the state of their finances. We asked about everything from the key ingredients to small business success and where to get the best business credit cards and bank accounts to how companies will use savings from President Trump’s tax reforms. You can find the complete results below along with additional insight from a panel of experts.
- 24% of business owners say National Small Business Week helps their business. Business owners age 18-29 are 8 times more likely than business owners age 59+ to say that National Small Business Week helps them.
- More than 7 in 10 small business owners say now is a good time for businesses to grow.
- 23% of business owners say businesses will primary use savings from President Trump’s tax changes for executive and investor bonuses. 12% believe it will go to employee compensation.
- While 84% think the user protections on business credit cards should be at least as good as those on personal cards, business cards currently lack a number of key safeguards.
- Why do you think fewer than 1 in 4 small business owners say national Small Business Week actually helps their business?
- What does it tell you that business owners age 18-29 are 8 times more likely than those age 59+ to say that Small Business Week helps them?
- Is there anything wrong with using a personal credit card for business, as 7 in 10 small business owners say they’ve done?
- Why do you think small business owners are nearly twice as likely to say their biggest frustration has to do with marketing/acquiring customers than staffing?
- What advice do you have for the 65% of business owners who say they’re paying too much in credit card processing fees?
Full Details Overall
|Should business credit cards have better rewards than personal credit cards?|
|Should small business credit cards have better user protections than personal credit cards?|
|What’s most important for small business success?|
|Access to talented workforce||38%|
|Easy access to credit||14%|
|What’s the most important feature for a business credit card?|
|Low interest rate||23%|
|Good customer service||15%|
|Expense management tools||13%|
|What’s the most important feature for a business bank account?|
|Good customer service||31%|
|Which of the following do you think are best for small business owners?|
|Have you used a personal credit card for business expenses?|
|Which of the following do you think is the most small-business-friendly bank?|
|My local bank/credit union||51%|
|Bank of America||7%|
|Is now a good time for a small business to grow?|
|How will businesses primarily use their savings from President Trump’s new tax code?|
|Add to Cash Reserves||27%|
|Executive / Investor bonuses||23%|
|How long does an employee have to work for you before you make them an authorized user on your business credit card account?|
|Does Small Business Week actually help your business?|
|How do you feel about the amount you have to pay in credit card processing fees?|
|Which affects your ability to get a business credit card more?|
|Business credit history||50%|
|Personal credit history||50%|
|What’s your biggest frustration as a small business owner?|
|Acquiring customers / Marketing||23%|
|Cash Flow & Expenses||17%|
|Taxes & Red Tape||11%|
Note: Percentages may not total 100% due to rounding.
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