For Small Business Owners, Exposure is a Goal; Time is Precious; Internet Increasingly the Office Tool of Choice
National Survey Reveals Website-Building Already a Trend, Move to Online Banking Next
CHICAGO, July 28 /PRNewswire/ -- Half of small businesses* now have Internet access, and about 20 percent have established their own Website, according to results of a national survey commissioned by the Small Business Banking Group of BANK ONE CORPORATION.
Moreover, owners identified their Websites as one of the most effective tools for generating interest in their small businesses (13 percent) -- better than direct mail, radio, television and telemarketing. Only word of mouth (25 percent) and newspapers (15 percent) were considered more effective.
Commenting on the survey, Jane Applegate, renowned small business expert, writer of the syndicated newspaper column "Succeeding in Small Business" and author of business books including 201 Great Ideas for Your Small Business, called the survey results extremely encouraging.
Said Applegate, "Small business owners are recognizing that the World Wide Web is a great way to gain visibility and expand the pool of customers."
Next up: online banking as timesaver
Yet, as much as small business owners value the Web for marketing, they report it can provide something even more precious -- "time."
Owners report they spend as much time on trips to the bank (18 percent), inventory (18 percent) and payroll (9 percent) as they do on customer service (44 percent). Time spent on these administrative activities translates to lost productivity.
The survey offered clues to what small business owners will be doing to gain more time.
Currently, almost six percent of small business owners report they bank through the Internet, with nearly all of these businesses listing "convenience" and "ease" as the reasons they bank online. Of small business owners who do not currently bank online, seven percent report they plan to begin banking online in the next 12 months.
"If small businesses adopt online banking at the rate they say they will, this will be explosive growth," said Bill Schumer, national small business banking marketing manager, BANK ONE. "Small businesses with fewer than 10 employees account for nearly 80 percent of all U.S. companies."
In Applegate's opinion, moving to online banking is an easy way for small businesses to increase productivity. "Online banking is a time-saving convenience. With online banking, you can track accounts, transfer funds and pay bills at any hour you choose without ever leaving your office," she said.
New online 'packages' available
In response to an emerging trend, the Small Business Banking Group of BANK ONE has introduced online products, services and experiences designed for small businesses. For instance, through www.bankone.com/ebiz, small businesses with less than $5 million in annual revenues have access to the Bank One TimeSavers Package, Bank One Net Checking(SM) and Bank One Online Small Business Sweepstakes.
* Bank One TimeSavers Package: Includes free online banking; a 60-day
free trial of online bill payment and bill delivery; THE ONE(R)
Business Card, a debit card for use at ATMs and stores honoring
VISA; and bank-by-phone service. The package is available to small
businesses in states where BANK ONE has banking centers: AZ, CO, FL,
IL, IN, KY, LA, MI, OH, OK, TX, UT, WI. Online banking is not
currently available in WV.
* Bank One Net Checking(SM): Includes free online banking; free
lifetime bill payment and bill delivery; THE ONE(R) Business Card;
reduced fees on non-Bank One ATM transactions made with THE ONE(R)
Business Card; and bank-by-phone service. The package is available
to small businesses in states where BANK ONE does not have banking
centers.
* Bank One Online Small Business Sweepstakes: More information is
available and entries can be submitted between Aug. 2 and Oct. 1,
1999, by filling out a registration form at www.bankone.com/ebiz, or
calling toll-free: 1-877-428-9707. The Grand Prize is a free one-
year online storefront and Website design assistance hosted by a
leading online provider. To learn more about growing your business
online, visit www.bankone.com/ebiz.
BANK ONE CORPORATION (NYSE: ONE), headquartered in Chicago, is the nation's fifth largest bank holding company, with assets of more than $260 billion. BANK ONE offers a full range of financial services to commercial and business customers and consumers. Bank One currently serves 460,000 small business customers and is the third-largest bank provider of loans to small business.
(*) For the survey, small businesses were defined as companies with 10 or fewer employees. Annual revenues for the small businesses participating in the survey ranged from less than $50,000 to more than $1 million annually.
SOURCE BANK ONE CORPORATION
/CONTACT: Patricia Shafer of BANK ONE Retail Group, 614-213-9661; or
Windy Campbell of Martin Public Relations, 804-698-8824; both for BANK ONE
CORPORATION/
/Web site: bankone.com
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