Small Biz Owners Counting on Survival Skills
If the recession has taught small business owners anything it's knowing how to run their firms smarter and being able to find flaws that were previously not apparent to them.
That's according to a new CIT Group Inc. survey conducted between December 2009 and January of 220 U.S.-based small businesses with revenues between $1 million and $15 million. Eighty-one percent said they are now smarter about running their businesses while 70% of respondents said the recession's challenges have made them stronger leaders.
Sixty percent said they expect their companies to grow this year. Less than a third (28%) expect their revenues to be flat and 12% anticipate a decline. Still, many small business owners are still feeling the pressure of the current economic environment with 71% agreeing that they are working harder and longer than ever before, and nearly a third (29%) indicating that the recession has made them doubt their commitment to running a small business.
Some small businesses believe they will play a role in the nation's recovery, but in spite of, rather than assisted by support from the federal government, according to the survey. Nine out of 10 respondents agreed that the current stimulus has not provided any benefits. Others remain hopeful about financing efforts coming out of Washington with 58% agreeing that SBA loan limits would benefit small businesses.