The United States Federation of Small Business reports that 95% of small business proprietors think their business is being negatively affected by the current economic circumstances, with 55% saying they have had a downturn in revenue.
85% said that health care costs, reduced credit facilities and increasing fuel prices were the main concerns.
23% of small business owners have cut staff, 36% have reduced business travel, 36% have lowered marketing expenditure and 29% have frozen bonuses and staff income increases.
A majority of the small business owners surveyed reduced business expenses in the last six months and 45% tried to increase productivity, in many cases, with new technologies.
The trend to lower sales, higher costs, less available credit, and longer periods for payment of invoices by larger companies creates a very difficult environment for small businesses.
The advantage they possess is the flexibility and agility to adapt quickly to changed circumstances.
Those who survive what looks to be a fairly long period of economic uncertainty and general gloom will be well placed to grow when good times return.
Our USA Business Directory is helping small businesses, by sending them highly qualified prospects in their locality, with no cost for them.
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