While many reports say the economy is slowly leveling out or improving, the new results from Office Depot's Small Business Index show that small businesses are still facing uncertain times and are continuing to feel the effects of the economic downturn.
More than a third (38%) of small businesses indicated they have been impacted by the economic slowdown and are compensating by "limiting business travel," 29 percent are "cutting advertising expenditures," and 22 percent are "outsourcing fewer jobs."
At the same time, the results conveyed little consensus in terms of the "state of the economy" as small businesses are evenly or less divided regarding the "recovery," with 45 percent indicating that they are seeing signs of growth and 55 percent reported no increase.
In addition, 36 percent of companies with 1 to 99 employees are unsure when the economic conditions will improve. However, 22 percent of small business owners will continue to "weather" the economic conditions and believe a full recovery will take place within five years.
"Small business owners are still feeling their way through the current economic conditions, particularly in their business and personal lives," said Steve Odland, Chairman and CEO of Office Depot.
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Comments
Slow and Flat Economic Growth in the US until 2013
Both consumers and countries are still deleveraging their finances. The growing US budget deficit and high regulatory climate forced upon us through Washington are not business friendly. Add to that high taxes. It will be some time to level off from the days of irrational exuberance.
I think going at it on a
I think going at it on a treadmill during this economy is essential. Watch what you spend, but wisely is the key. Be where the customers are, and provide a compelling message!
Economy Forcing
Small businesses are finding credit impossible to come by, even with the help of federal stimulus money directed to help. Small Business Administration backed loans are being issued far more infrequently than during times when they economy was healthier.
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