Oct. 29, 2010 - 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 per cent 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 per cent 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 per cent say they would be willing to pay up to 10 per cent 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%).
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