Ninety-five percent of owners of small and medium-size businesses recently surveyed said they feel that their small business community has been challenged by the current economy. More than 55 percent reported their own businesses as being “down.”
The challenges business owners face vary, but the prominent ones are: decreased sales, health care costs, rising gas prices and less access to credit. Health care costs rank both as the leading challenge and the one least likely to be cut.
The surveyed revealed that owners of small and medium-size businesses are reducing costs by:
Decreasing business travel (36 percent)
Minimizing marketing efforts (36 percent
Freezing bonuses and raises (29 percent)
Cutting staff (23 percent)
The survey was conducted by the United States Federation of Small Business and DYMO, which makes devices such as label makers.