BMO Small Business Survey: One-Third of Canadian Businesses Looking to Increase their Use of Online Cash Management Solutions
TORONTO, ONTARIO--(Marketwire - June 18, 2012) - According to a survey released today by BMO Bank of Montreal, six in ten (61 per cent) Canadian businesses regularly use online tools and resources to manage their cash flow more effectively, and almost one-third (31 per cent) plan to increase their use of these cost-effective tools this year.
"Business owners are increasingly looking at how they can better manage their cash flow meet their obligations and grow their businesses," said Cathy Pin, Vice President, Commercial Banking, BMO Bank of Montreal. "Online cash flow management solutions are simple, real-time, cost-effective ways to keep on top of the amount of cash coming in and going out so a business owner can have a complete picture of where they stand financially at any given time." Ms. Pin added that "BMO business banking specialists are available to help entrepreneurs develop strategies that fit their particular business needs."
The survey, conducted by Leger Marketing, also revealed that 75 per cent of Canadian businesses turn to their primary financial institution for their cash management needs. Additionally, businesses surveyed said the most important criteria for selecting a financial institution are:
- The overall service provided (24 per cent)
- Branch location (19 per cent)
- Their business banking relationship manager (18 per cent)
- Cost of services (11 per cent)
"Entrepreneurs are looking for business banking specialists that will work with them to develop a thorough understanding of their business finances, recognize their unique cash flow needs, and have the knowledge and expertise to recommend products and services that work for the business owner and meet the specific business' needs," added Pin.
For more information on BMO cash flow management tools and products please visit http://www.bmo.com/home/commercial or contact your BMO Bank of Montreal® Representative.
The online survey was conducted by Leger Marketing between March 21, 2012 and April 12, 2012, using a sample of 500 Canadian small business owners. A probability sample of the same size would yield a margin of error of ±4.38 per cent, 19 times out of 20.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
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