Small-Business Owners Believe the Economy Will Moderately Improve by the End of 2009
Minneapolis-based PartnerUp, the first and largest online community geared solely toward small-business owners and entrepreneurs, announced the results of its Fall 2009 Small Business Outlook, a quarterly nationwide survey of small and medium-sized business owners. According to the survey of more than 800 small-business owners, 37 percent of the respondents believe the economy will moderately improve by the end of 2009. Survey responses also revealed that small business owners expect to invest more in their businesses, with 68 percent of respondents planning to hire new employees in the next six months.
At the same time, the survey also revealed that small-business owners are taking measures to offset the economy's impact. Of the respondents surveyed, 10 percent are planning a workforce reduction, 32 percent are reducing unnecessary costs and 25 percent are lowering business travel and entertainment spending. And in light of the continued economic downturn, more small-business owners are also contemplating selling their business. 64 percent of respondents are considering selling their business, citing burn-out as the main reason for selling.
"Small businesses are a critical component of our nation's economy, contributing to the creation of 70 percent of the economy's new jobs," said Steve Nielsen, CEO of PartnerUp. "These findings indicate that small business conditions are beginning to stabilize, but that small-business owners still face significant challenges before the economy fully recovers. As the definitive resource for small-business owners seeking to network and grow their business, PartnerUp is well-poised to help small-business owners adapt to the current market climate as they continue to look for new ways to grow while minimizing unnecessary expenses."
"Even in the current economic climate, the majority of small-business owners are cautiously optimistic and confident," said Brian Kennett, director of community at PartnerUp. "The results of this survey show that small-business owners are taking proactive steps to weather the continuing economic downturn, while simultaneously preparing for the impending economic recovery. PartnerUp is committed to ensuring small-business owners have the tools, information and services needed to achieve their business potential and remain agile in today's competitive marketplace."