Most small business owners in Chicago feel successful and are more
likely to have hired in the past 12 months compared to their peers
nationally, according to The
Hartford’s 2014 Small Business Success Study.
The fourth annual study found that 86 percent of Chicago owners say they
feel successful about how their business is operating now compared with
77 percent nationally. When it comes to hiring, 52 percent of small
business owners in Chicago have hired in the past 12 months,
significantly higher than owners nationally (30 percent). Of those who
have hired, 33 percent made all the hires they wanted to and 19 percent
have hired but not as much as they would have liked.
“Growing up the son of a small business owner in the Chicago area, I saw
how demanding yet fulfilling it can be to run a small business and how
important they are to local neighborhoods,” said The Hartford’s CEO
Christopher J. Swift. “I am encouraged by the entrepreneurial spirit of
Chicago small business owners, who are focused on growth, hiring and
talent development.”
Focus on Employees
Chicago small business owners see talent as a key factor to how
successful their business is performing. They are twice as likely (52
percent) to believe that a better pool of talent is a major contributor
to the success of their business than nationally (26 percent). While a
better pool of qualified talent is a top contributor to their success of
their business, owners also cite the following:
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Major Contributors to Success
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Chicago
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National
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Improved demand for products and services
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56 percent
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58 percent
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Better pool of qualified talent
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52 percent
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26 percent
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Fewer rules and regulations
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35 percent
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31 percent
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Greater access to capital
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37 percent
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25 percent
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In addition, a greater percentage of small business owners in Chicago
(70 percent) believe that paying their employees enough money to have a
comfortable lifestyle is an important factor to their definition of
success as a business owner, higher than the national sample (58
percent).
Looking to Grow But Still Conservative
Small business owners in Chicago are looking to grow their business
significantly, which includes a large increase in sales, revenue, the
number of employees and the hours they work, more than their peers
nationally. Fifty-six percent of Chicago owners are looking to grow
versus 40 percent of national owners. In contrast, 53 percent of small
business owners nationally would rather maintain their business at its
current size compared with only 33 percent of owners in Chicago.
More than half (62 percent) of small business owners in Chicago rate the
overall level of risk they are taking with their business as
conservative, which is less than the national average of 75 percent.
Like the national sample, slow economic growth (54 percent) and taxes
(44 percent) are among the top concerns for Chicago owners. However,
more owners in Chicago are likely to identify health care costs, changes
in liability and/or insurance law and data breach as a risk to their
business than their national peers:
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Major Risks to Their Business
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Chicago
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National
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Health care costs
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46 percent
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39 percent
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Changes in liability and/or insurance law
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43 percent
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31 percent
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Data breach
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40 percent
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30 percent
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The recession has had an impact on some small business owners, with 46
percent of Chicago owners saying it has made them more financially
conservative in how they operate their business today, compared with
more than half of owners nationally (55 percent).
Chicago Owners Feeling #SmallButMighty
When describing the state of their business right now, small business
owners in Chicago ranked #SmallButMighty the highest, mirroring their
feelings of success. This is consistent with the national sample. Not
surprisingly, given their conservative approach to risk taking, just 7
percent of respondents felt the hashtag #norisknoreward best represented
their business.
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Hashtag Best Describing State of Their Business
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2014
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#smallbutmighty
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33 percent
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#prevailing
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19 percent
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#norisknoreward
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7 percent
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#ontherebound
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5 percent
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#barelykeepingthelightson
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4 percent
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Swift To Keynote At The Executives’ Club of Chicago Program Today
Swift will deliver the keynote at today’s Global Leaders Luncheon at The
Executives’ Club of Chicago Program, “Small Business: Sharpening The
Nation’s Entrepreneurial Edge.” Follow @TheHartford_PR and
@ExecClubChicago for live updates from Swift’s speech.
SBSS Metholodology
Braun Research conducted a telephone survey among small business owners
in Chicargo and across the United States for The Hartford’s Small
Business Success Study. A total of 2,024 interviews were completed
nationally, as well as an oversample of 300 in the Chicago, IL
Designated Market Area (DMA) with owners of for-profit businesses with
fewer than 100 full-time employees that have been in business for at
least one year. The National margin of error is ± 2.2 percentage points,
Chicago’s margin of error is ± 5.7 percentage points.
For more information on these survey results, visit www.thehartford.com/SuccessStudy.
For more news about The Hartford, visit: http://newsroom.thehartford.com/.
About The Hartford
With more than 200 years of expertise, The Hartford (NYSE:HIG) is a
leader in property and casualty insurance, group benefits and mutual
funds. The company is widely recognized for its service excellence,
sustainability practices, trust and integrity. More information on the
company and its financial performance is available at www.thehartford.com.
Join us on Facebook at www.facebook.com/TheHartford.
Follow us on Twitter at www.twitter.com/TheHartford.
HIG-C
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ
materially. Investors should consider the important risks and
uncertainties that may cause actual results to differ. These important
risks and uncertainties include those discussed in our 2013 Annual
Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the
other filings we make with the Securities and Exchange Commission. We
assume no obligation to update this release, which speaks as of the date
issued.
From time to time, The Hartford may use its website to disseminate
material company information. Financial and other important information
regarding The Hartford is routinely accessible through and posted on our
website at http://ir.thehartford.com.
In addition, you may automatically receive email alerts and other
information about The Hartford when you enroll your email address by
visiting the “Email Alerts” section at http://ir.thehartford.com.
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