How Small Businesses Navigate The Economy
Written by Ken Gaebler
A new survey provides insight into how small businesses are continuing operations while making cutbacks.
Administaff's recent business confidence survey examined small business owners' forecasts for their business situations into 2010.
While 59 percent of those surveyed don't expect the economy to pick up until 2010 or beyond, the survey did provide some more positive news for small businesses.
Many small business operations remain stable, as 62 percent managed to maintain their current staff size and 18 percent are even adding new employees.
Small business owners have become thriftier and also found some creative solutions to better generate income.
Sixty-six percent of respondents have been selling new accounts in order to make profits and another 66 percent are offering increased services to clients.
Reducing workers' hours helps cut costs and 27 percent chose this route and a further 22 percent have lowered their base salaries.
Administaff chairman and CEO, Paul J. Sarvadi feels these moves provide encouraging news for small businesses nationwide, as owners can see that many others have had to make big changes and take strength from these results.
"These are very driven and resourceful people, so they're going to do what's necessary to ride out the economic storm and build successful businesses," he said.
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