Small Businesses Succeeding With Confidence

The Hartford's Small Business Success Study surveyed 2,000 small business owners nationwide to gain a better understanding of the issues and factors impacting their success and their outlook for doing business in this challenging climate. Read more about the study in our press release.

Small Businesses Succeeding With Confidence

Hiring Qualified Talent
Poses Key Barrier

How easy is it for your business to hire qualified employees?

It is clear that the national economy continues to put pressure on a majority of small business owners, with 57 percent indicating it has had an impact. Ironically, despite high unemployment rates finding qualified talent is a challenge for 59 percent of small business owners seeking workers who share their passion for the business.

It's easy to find people who want a pay check and hard to find people who want to work.

Economic Challenges Chart
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Growth or Maintenance?

Growing the business is not always a small business owner's key measure of success. The study's findings debunk the myth that all small business owners seek to expand and maximize profitability. In fact, the study found that growth is not a shared goal among all small business owners. While 52 percent do consider themselves to be growth-oriented, 48 percent describe themselves as maintenance-oriented, and are comfortable running their business at its current size.

We've maintained a loyal clientele basis for 40 years of business so we have succeeded in that respect, but have not grown and struggled with bills the whole time, while keeping very happy, satisfied customers.

Business Maintenance Chart
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American Small Businesses:
"Not For Sale"

Long-Term Ownership Chart
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Commitment and perseverance are common attributes of small business success. The Hartford's study found that the average small business has been in operation 20.8 years and is run by owners who say they intend to continue for at least 10 more years (56 percent). Furthermore, 67 percent say they are not interested in selling sometime within the next five years.

Some of it is tradition. My parents had their own business, my wife's parents too, so we just assumed we would be in business for ourselves. We wanted to create an environment that would be healthy to grow a family.


Definitions of Success

Defining Success Chart
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The study found that profitability was less important than having a passion for the business, which ranked as the most important factor in a small business owner's definition of success. Although 77 percent acknowledge that increasing profitability of the business year over year is important, only 18 percent say this is the most important factor in defining success.

I would take the idea of success way beyond the business arena. It's also about a happy family life and time to do what you want. You're making whatever kind of business you want to make here.


Sizing Up Success

Although they only represent about 10 percent of the U.S. small business population, small businesses with approximately 10-20 employees, and which have been in business for over 20 years on average, are telling the most success stories. According to The Hartford's Small Business Success Study, those fitting this profile are more likely than average to say their business is currently successful, and are more confident about its future. They're also significantly more likely to say they're closer to "complete success" as a small business owner. What actions are they taking to bring them closer to their long-term goals?

These small businesses tend to partner with professional advisors to help them prepare for the future, attract the right talent, and protect their business.


Measuring Success Chart
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*Source: The Small Business Success Study was developed by The Hartford with Fahlgren Mortine and Abt SRBI,
September 21, 2011.
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