New Survey: Most Asian-American Small-Business Owners Struggle to Find Employees
October 03 2017 - 12:08PM
Business Wire
U.S. Bank survey results show owners fear
business will be hurt by workforce shortages
More than three-quarters of Asian-American small-business owners
say they are struggling to find quality employees, and they worry
that will impede their business, according to a new survey by U.S.
Bank.
“Asian-American entrepreneurs are more pessimistic than the
average small business owner, and that pessimism is bleeding over
into a lower level of satisfaction with being an entrepreneur,”
said Ross Carey, head of business banking at U.S. Bank.
The findings are part of U.S. Bank’s annual small-business
survey, which sought responses from 200 Asian-American business
owners in the 25 states where the bank has branches.
Because of high-quality worker shortages, 77 percent of
respondents said they are doing more on the job training,
increasing wages, curbing company growth expectations and lowering
job qualifications. Three-quarters also report they are worried
that the workforce shortage will hurt the long-term future of their
companies (compared to 66 percent of all owners).
Only about a third of the Asian-American owners said they were
satisfied with the amount of compensation that they derive from
their business, although nearly half (48 percent) predict an
increase in their revenues over the next year.
“Business owners who are dissatisfied with the wealth they are
earning from their company have a knowledgeable resource at their
fingertips just by reaching out to their banker. Small-business
bankers can be a trusted advisor for owners to help improve cash
flow and build up the company so that it’s a joy to do business,”
Ann Liu, regional sales manager for U.S. Bank in Los Angeles,
said.
Other findings from the U.S. Bank survey of Asian-American
business owners:
- Economic uncertainty was the single
most significant challenge to their business, followed by taxes and
poor sales.
- 45 percent believe that international
trade policy will be more restrictive under the current
presidential administration but most (54 percent) didn’t believe it
would affect their business.
- Over half (55 percent) of business
owners do not plan to expand through capital expenditures in the
next year.
- About half (52 percent) of owners are
actively trying to engage millennial customers.
- Nearly a fifth (18 percent) of owners
say their business bank does not offer access to networks of other
small business owners—which they wish they had—a wish-list item
well above the national average.
This survey is part of a wider effort by U.S. Bank to support
Asian-American business owners by providing them with information,
tools, advice and small-business services that are tailored to
their needs. The bank has a strong presence in areas including Los
Angeles, San Francisco, Seattle and Chicago where there are large
Chinese and other Asian populations.
U.S. Bank places a priority on providing the financial
products and services small businesses need to help them navigate
important financial milestones. They include deposit accounts and
cash flow management, card payment and acceptance tools, equipment
leasing and wealth management. U.S. Bank was the third
largest lender of SBA loans in the country in fiscal 2016
with $838 million in volume.
The survey of 3,200 small business owners within U.S. Bank’s
25-state national footprint was conducted in January
and February 2017, including an oversample of 200 Asian
business owners. Respondents all had less than $10
million in annual revenue, with half under $200,000.
Download a summary of survey results here.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB),
with $464 billion in assets as of June 30, 2017, is
the parent company of U.S. Bank National Association, the
fifth largest commercial bank in the United States. The
Company operates 3,088 banking offices in 25 states and 4,826 ATMs
and provides a comprehensive line of banking, investment, mortgage,
trust and payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web
at www.usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171003006281/en/
U.S. BankShera Dalin,
314-335-3335shera.dalin@usbank.com@usbank_news
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