Business leaders report clear advantages from financial advice and data-gathering tools
Findings from the fourth annual Citizens Business Report Survey1 shed light on how some company leaders are achieving strong business outcomes by prioritizing financial insight. The most optimistic U.S. small and midsize businesses (SMBs) in the survey seek expert advice from their CPA, attorney or business banker at least monthly and, at least weekly, use financial data-gathering applications and tools to monitor, manage or gain insight into company finances. The tactics of these outperforming SMBs are particularly important to understand in a shifting economic landscape.
Financial insight...
Correlates with optimism
For the second year in a row, SMBs prioritizing financial advice and data are more likely to expect growth in the next five years.
Expect 5-year growth
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Financial tools and trusted experts set up SMBs with the most comprehensive picture of their company’s finances for cash flow management, business planning, succession planning and making informed, confident decisions.
Mark Valentino
Head of Business Banking
The business tactics that set SMB outperformers apart
An analysis of the survey data to identify top tactics among business leaders focused on financial insight reveals key similarities. They use these business tactics:
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Finding the right financial tools and expert advice leads to better planning, more informed, confident decision-making and better outcomes.
Manny Tocco
COO Business Banking
How businesses use expert financial advice to succeed
49% of business leaders who turn to experts, such as a CPA, attorney or business banker, for financial advice agree that the top reason to seek expert counsel is better decision-making, followed closely by increased profitability at 48%.
Business leaders reach out to experts for help with:
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Working with the right team of experts is important, even for experienced business leaders. Whatever stage your business is in, financial advice can help you bring your business’ vision further into focus and plan for the next step.
Meline Gasparyan
Head of Business Banking Treasury Solutions
2025: How business leaders will use financial advice
SMBs using the most financial advice anticipate better cash management, improved decision-making and improved business planning. This year they will:
Lean on bank advice
84%
of advice-driven companies specify that their business banker is a key member of their team of expert advisors.
Survey data shows that expert advice from a business banker can provide better:
- Access to business credit
- Insight into cash position
- Decision-making
- Idea of cash flow
Speak to experts about succession planning:
of companies that prioritize advice and data are either using an expert — CPA, attorney or business banker — to create a succession plan or plan to.*
Key takeaways
Research findings indicate that relying on advice from trusted experts and using financial data-gathering tools helps business leaders with cash flow management, business planning, succession planning and making informed, confident decisions.
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Please note: Citizens Business Banking Products and Services are offered in the following states: Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia and Washington, D.C.
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The 2025 Business Survey data is from an online survey of 600 principals (Owner, Founder, Partner, CEO, President, etc.) of U.S.-based businesses with up to $100 million in annual revenue, conducted from November 1 through November 19, 2024 by Bredin. Data from companies in this report that prioritize use of financial advice and tools is from companies with $500K to $100 million in annual revenue, unless noted otherwise.
1 An online survey of 600 principals (Owner, Founder, Partner, CEO, President, etc.) of U.S.-based businesses with up to $100 million in annual revenue, conducted from Nov. 1 through Nov. 19, 2024 by Bredin. Data from companies prioritizing financial advice and data-gathering tools in this report are from companies with $500K to $100 million in annual revenue, unless noted otherwise.
* Among companies creating a succession plan.