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Reports Show That Small Businesses Are Better Off This Year

By | 10.03.12

Reports Show That Small Businesses Are Better Off This Year

According to a September survey of affluent investors conducted by Millionaire Corner, the majority of business owners that were surveyed feel that they are better off financially than they were a year ago. The survey showed that 56% of the participants said they were better off this year. Western Union also conducted a Small Business Barometer survey that found that 79% of small business owners believe that their annual revenue will either increase or stay the same in the coming year.

Western Union’s findings showed that more than one-third of their survey’s respondents feel that offering new products and services is the best way to grow their business. 76% of the respondents said that “word of mouth” is the most effective promotion channel, while 33% said they prefer email and 17% prefer Facebook. The survey also found that the Internet is cited as the top source for knowledge and advice, followed by friends and books.

Millionaire Corner and Western Union are not the only companies finding positive and informative survey results. The National Federation of Independent Business, while calling their report a “mixed bag”, stated that employment indicators for the fourth quarter showed substantial improvement, as did plans for capital outlays and expectations for business conditions. They concluded that 20% of small businesses say that weak sales is their top business problem, however this is still down from the record 33% percent reading in December 2010.

As part of a quarterly survey using a random sample of 600 small business owners, a GALLUP poll concluded that 55% of small business owners expressed satisfaction with their role as a business owner. Experts say that while this does not necessarily mean that business owners see conditions improving, it does show a significant increase in job satisfaction, since the percentage has not been this high since July 2008, during the recession. In addition, while “success” was not defined in this survey, 39% of the respondents said they feel very successful, while 51% said that they feel somewhat successful as a small business owner.

References:

Liebenson, Donald “Small Business Owners Claim They Are Better Off: Survey” 9/25/12

Campbell, Anita “Small Business Satisfaction Partially Rebounds, Says Gallup” 9/17/12

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