0%

of resilient businesses double-digit growth in 2023

0%

of resilient businesses double-digit growth in 2023

0%

Of all companies surveyed, 68% of resilient business expect double digit growth.

  1. An online survey of 500 principals of U.S.-based independent companies with less than $25 million in annual revenue conducted from February 14 through March 9, 2023.
  2. “Resilient,” is defined as the ability to recover quickly from unexpected shocks

From the smallest shops to businesses with millions in revenue, here are the 4 financial habits of extremely resilient SMBs.

1

Make it easy for customers to pay

1

Make it easy for customers to pay

2

Speed up collections

2

Speed up collections

3

Use data insight for cash management

3

Use data insight for cash management

4

Safeguard company and customer data

4

Safeguard company and customer data

1

Make it easy for customers to pay

Extremely resilient SMBs are investing in diversifying the ways customers can pay them.

0

%

more payment options than other SMBs

0%

Resilient companies offer 25% more payment options than other SMBs.

Most SMBs accept cash, checks, cards, and digital P2P payments.

The survey revealed that in addition, resilient SMBs also use more digital tools than other businesses to lower payment costs and simplify payment data tracking.

Direct payments to a bank

Visa or Mastercard Direct

Point-of-sale (POS) for electronic payments

Contactless point of sale

Invoicing software

Domestic electronic receivables

International electronic receivables

Regardless of company size, extremely resilient SMBs offer more ways to pay.

2 in 5 SMBs <$500K in annual revenue

invoice online via invoicing software

3 in 5 SMBs $500K - $5M in annual revenue

use invoicing software from a bank

"Customers today want more ways to pay, and resilient SMBs are meeting that need to drive revenue. The digital tools they’re offering also simplify the job of gathering and analyzing important customer payment data. That makes it easier to make informed decisions that fuel business growth."

- Simon Griffiths, EVP Head of Core Banking

"Customers today want more ways to pay, and resilient SMBs are meeting that need which is driving growth in sales revenue. The digital tools they’re offering also simplify the job of gathering and analyzing important customer payment data. That makes it easier to make informed decisions that fuel business growth."

- Manny Tocco, Head of Business Banking Strategy & Credit Operations

2

Speed up collections

Extremely resilient businesses are using online invoicing software and electronic payment tools for quicker access to funds and simplified cash management.

Here are the top digital tools SMBs are using to invoice and collect payments:

Online invoicing

Automated payment and collections reminders via email, text, or call

Online bill payment

Domestic electronic receivables

Even smaller resilient businesses use more collections tools than their peers.

SMBs 

<$500K

 in annual revenue

use more automated payment and collections reminders via email, text, or call

SMBs 

$500K - $5M

 in annual revenue

use significantly more automated payment tools

"The most resilient SMBs of all sizes are digitizing to bill and track funds so that they can bring them in quickly. Using these tools streamlines cash management and frees up time for leaders to focus on running their companies. This is ultimately why they’re more resilient."

- Citizens SME, name TK

"Resilient companies are adopting digital tools that allow them to bill and track fund flows easier. It also speeds collection times giving them more time with their working capital. Using these tools streamlines cash management and frees up time for leaders to focus on running their companies. This is ultimately why they’re more resilient."

- Sarah Lindstrom, President and Head of Business Banking

"The most resilient SMBs of all sizes are digitizing to bill and track funds so that they can bring them in quickly. Using these tools streamlines cash management and frees up time for leaders to focus on running their companies. This is ultimately why they’re more resilient."

- Citizens SME, name TK

"Resilient companies are adopting digital tools that allow them to bill and track fund flows easier. It also speeds collection times giving them more time with their working capital. Using these tools streamlines cash management and frees up time for leaders to focus on running their companies. This is ultimately why they’re more resilient."

- Sarah Lindstrom, President and Head of Business Banking

3

Use data insight for cash management

Consistently gathering and analyzing company financial data can be daunting for SMBs with more responsibilities than available time. But, resilient SMBs recognize the importance of using data insight to manage cash flow.

Resilient businesses are 4x more likely to say

“

”

We are extremely effective at analyzing financial data.
Even the smallest resilient SMBs share this skill.

Resilient businesses are 4x more likely to say

“

”

We are extremely effective at analyzing financial data.
Even the smallest resilient SMBs share this skill.

Resilient SMBs free up time for company priorities by using these cash management tools to inform their operations:

Accounting software

Self-service banking tools

A platform or software application that is integrated with a bank

Resilient businesses of all sizes use more digital tools than other companies for cash management.

SMBs <$500K in annual revenue prioritize

  • Digital POS systems such as Square, Shopify, or Toast.
  • A platform or application integrated with a bank.

SMBs $500K - $5M in annual revenue prioritize

  • A platform or software application that is integrated with a bank.
  • An ERP platform.

Where resilient businesses turn for advice

For cash management advice, resilient SMBs turn to the following sources. They use all five resources more than other companies.

Top five sources of advice:

Self-service banking tools

CPA or accountant

Business banker

Bookkeeper

Financial service vendor

4

Safeguard company and customer data

Extremely resilient SMBs understand that it’s essential to have financial fraud protection measures in place.

0

%

more payment options than other SMBs

0%

Fraud protection is a priority for 42% of resilient companies.

0%

Of all others surveyed, only 24% of companies cite fraud protection as a priority.

Of all others surveyed, only 24% of companies cite fraud protection as a priority.

4. Safeguard customer data

Extremely resilient SMBs understand that it’s essential to have financial fraud protection measures in place.

0%

“protecting against financial fraud from employees is a priority”

0%

“protecting against financial fraud from employees is a priority”

How resilient SMBs protect data

Antivirus software and business credit cards are top fraud protection tools. Extremely resilient businesses use even more tools and are almost 2x as likely to use:

Cash management

Electronic receivables

Even smaller resilient SMBs use more tools to fight fraud.

SMBs <$500K in annual revenue

SMBs $500K - $5M in annual revenue

SMBs $500K - $5M in annual revenue

  • 2x as likely to use electronic receivables
  • More likely to use digital P2P payments, credit cards, digital POS, and online invoice and bill payment

SMBs <$500K in annual revenue

SMBs <$500K in annual revenue

SMBs $500K - $5M in annual revenue

  • More likely than other companies to use business credit cards, online invoicing and bill payment, automated bookkeeping tasks, electronic bill payment.

"Customers today want more ways to pay, and resilient SMBs are meeting that need to drive revenue. The digital tools they’re offering also simplify the job of gathering and analyzing important customer payment data. That makes it easier to make informed decisions that fuel business growth."

- Simon Griffiths, EVP Head of Core Banking

"Incidents of fraud have been increasing and a focus on preventing it offers a competitive advantage to SMBs."

- Mark Williams, Head of Business Banking Treasury Sales