Survey Shows Small Businesses Owners Staying Positive
Forty-three percent of small business owners consider business conditions to be positive, according to the latest Citibank small business survey. This is a significant increase since August 2010, when 24 percent of small business owners surveyed reported overall positive business conditions. One-third (33 percent) of respondents said their own business is better than it was a year ago – up from 26 percent in January. Another 33 percent expect their business will grow by more than ten percent this year.
Despite overall optimism, small business owners report making significant sacrifices to keep their businesses going and growing over the past few years. Not only did 78 percent take less profit to support the business at some point in the past, 66 percent did so to pay employees rather than reduce staff. A significant majority (70 percent) also say they worked more hours than usual, often sacrificing family time and missing vacations.
To show their own appreciation of employees, small business owners offer additional time off (78 percent), a bonus (74 percent) or a raise (70 percent). Customers, too, appreciate the stress and sacrifice of running a company. Almost seven in ten (69 percent) survey respondents say their customers recognize and appreciate their sacrifices. Even more (87 percent) say they have been thanked by customers.
See the full results of the small business survey: New Citibank® Survey Reveals Small Business Owners Staying Positive (Business Wire 6/6/12)