For the second consecutive year, small businesses in greater Hartford are more likely to have hired in the past 12 months compared with peers nationally, according to The Hartford’s 2014 Small Business Success Study. The fourth annual study also found that owners in Connecticut are looking to significantly grow their business and are more likely to play a role in their community than their national peers.
Only 30 percent of national respondents have hired in the past 12 months, compared with 59 percent of owners in greater Hartford. Of those who have hired, 37 percent in Hartford made all the hires they wanted to and 23 percent have hired, but not as much as they would have liked.
“Small businesses are critical to the economy of the nation,” said The Hartford’s CEO Christopher J. Swift. “They truly value the role they play in their communities, and owners in Connecticut are setting an example for the rest of the country. With the effective partnerships between owners, government, non-profits and large companies in our state, I’m optimistic about the future of small businesses in Connecticut.”
Growth is a Top Priority
About half of owners (54 percent) in the Constitution State cited significantly growing their business as their primary goal, 14 points higher than the national sample (40 percent). In contrast, 53 percent of small business owners nationally would rather maintain their business at its current size compared with only 41 percent of owners in Connecticut.
To help realize this growth, small business owners in Connecticut are increasing the number of risks they are taking compared with the national average. Twenty-three percent of owners in Connecticut have increased the number of risks they have taken over the past six months compared with 16 percent nationally.
Employees are Key to Success
A greater number of small business owners in Connecticut (68 percent) define success as paying their employees enough money for them to have a comfortable lifestyle than the rest of the nation (58 percent).
In addition, Connecticut small business owners (53 percent) are twice as likely to believe that a better pool of qualified talent is a major contributor to the success of their business, compared with owners nationally (26 percent). Owners also cite the following as top contributors to their success:
Major contributors to success | Connecticut | National | ||||||
Improved demand for products and services | 63 percent | 58 percent | ||||||
Better pool of qualified talent | 53 percent | 26 percent | ||||||
Fewer rules and regulations | 51 percent | 31 percent | ||||||
Greater access to capital | 38 percent | 25 percent |
Vital to the Community
More small business owners in Connecticut are likely to play a role in their community than their national peers. About half of Connecticut owners hire locally and donate products and services for the improvement of their local community. Small business owners play a role in their community in the following ways:
Small business owners’ role in the community | Connecticut | National | ||||
Hire employees from the local community | 56 percent | 40 percent | ||||
Donate products or services for the improvement of their local community | 54 percent | 33 percent | ||||
Sponsor community activities | 39 percent | 17 percent | ||||
Volunteer time regularly for community improvement projects | 36 percent | 26 percent | ||||
Encourage employees to volunteer their time in local community activities | 33 percent | 19 percent |
Connecticut Owners Feeling #SmallButMighty
When describing the state of their business right now, Connecticut small business owners ranked #SmallButMighty the highest, mirroring their feelings of success.
Hashtag Best Describing State of Their Business | 2014 | ||||
#smallbutmighty | 34 percent | ||||
#prevailing | 19 percent | ||||
#barelykeepingthelightson | 11 percent | ||||
#norisknoreward | 9 percent | ||||
#ontherebound | 3 percent |
The Hartford Assembles Panel Today to Discuss Small Business Landscape
Swift will reveal key findings from the company’s fourth annual Small Business Success Study and discuss how small business owners are moving forward post-recession. Swift will share insights from The Hartford’s own experience, and how they mirror some of the challenges small business owners face today.
Swift will kick off a panel discussion about how to foster small business growth and success in Connecticut at a time when many small business owners are still feeling the effects of the recent recession, and the next generation of potential entrepreneurs is not starting businesses at the same rate as previous generations.
Breakfast and registration begin at 7:30 a.m. and the discussion begins at 8 a.m. at the Infinity Music HalI, 32 Front Street, Hartford, Connecticut.
Moderated by Lindsey Pollak, Millennial workplace expert and New York Times best-selling author, the panel will include:
- Stephanie Bush, senior vice president of Small Commercial insurance at The Hartford
- Paul Quintero, CEO of Accion East
- Rory Gale and Callie Gale Heilmann, co-owners of Hartford Prints!
SBSS Methodology
Braun Research conducted a telephone survey among small business owners in Connecticut 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 301 in the Hartford Designated Market Area (DMA) and 102 in the Fairfield 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 Connecticut sample was made up of the respondents from the Hartford DMA and Fairfield County, which together make up every county in Connecticut. One respondent per business was interviewed. The interviews took place between Aug. 5 and Aug. 19, 2014.
The national margin of error is ± 2.2 percentage points, Hartford’s margin of error is ± 5.7 percentage points, Fairfield’s margin of error is ± 9.7 percentage points and the margin of error for Hartford and Fairfield combined is +/- 4.9%.
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.
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