Small business owners strategize to survive economic struggles
2008-09-18 04:32:11 (GMT) (Caymanmama.com - Business News)Seattle, Washington (CaymanMama.com) — In a positive new report on Business Wire, a survey conducted by Wells Fargo and the Gallup Organization, nearly 25% of small business owners who where surveyed feel that the economy is going through a “severe recession.” Of the small business owners surveyed, 8 in 10 thought that the current state of the economy will affect their business.
The report states that “the optimism Index was at 45, the lowest score reported since the survey’s inception in 2003.” Even though business owners are restrategizing to adjust to the economic change, a majority of the owners said that they have been through this before. In fact, 65% said that they have owned or operated a small business during a previous economic struggle; 85% said that they owned a small business during the recession during 1990-1991.
According to an article on Market Watch.com, “While small business owners predict no quick ending to this challenging economy (one-third of small business owners believe the economy won’t recover until 2010 or later), most reported they are adapting their business practices to deal with economic pressures.
Eighty-seven percent are finding ways to be more efficient; almost three-quarters (72 percent) said they are reducing their use of gasoline and other energy; 61 percent reported they are exploring new markets, products or services; and more than half (58 percent) said they are tailoring their product, service or marketing to take advantage of the current economy.”
To adjust to the rising costs of labor and materials, some small business owners are revising their business models by cutting expenses and running a more cost-effective company. Additionally, they are utilizing their resource skills by being resilient and modifying their cash flows.
To read more about the report, visit http://www.marketwatch.com/news/story/facing-economic-challenges-again-small/story.aspx?guid=%7B1CA2774A-CC9E-4B7F-BC4C-DBE1348DDB27%7D&dist=hppr
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