The survey also asked what owners would focus on if given the opportunity to start over again. More than one-third said they would give greater attention to marketing and advertising their business.

"Small business owners are increasingly seizing the power of social media to reach consumers in real time," said Reggie Davis, head of Metro Business Banking and Small Business at SunTrust Bank. "With sixty-four percent of small business owners viewing economic and business health as strong or extremely strong, now may be the right time to invest in these online channels. When business owners put best practices in place, they have greater financial confidence to pursue growth plans."  

SunTrust is helping small business owners achieve their goals with the following tools featured on its Best Practices site:

• Four assessments to help business owners understand how well they are managing cash flow, growth, profitability, and asset protection to identify potential areas for improvement. The assessment results will include a downloadable report with actionable next steps.

• Insights from SunTrust's small business survey so owners can compare their own strategic plans with findings from interviews among more than 500 small business owners. 

• A checklist of best practices in six important areas of financial management for small business owners, as well as downloadable action guides to help implement change.