Small Business Finance News
Small Business Owners Saving Cash To Survive, Survey Says
Written by Jenna Weiner
Published: 3/30/2010
A survey finds that small business owners are stockpiling cash to protect their companies.
Results from a new survey show that more than half of small business owners believe saving cash is the best survival strategy for their companies.
The survey, conducted by Brother International, asked 500 business owners about current economic conditions.
Fifty-three percent said that stockpiling cash was the best strategy for sustaining their business through the tough economic climate.
Efficiency is also a concern, with 79 percent of small business owners saying that they will strive to make their companies more efficient this year.
"Small business owners are feeling extremely anxious about the economy and their business," said John Wandishin, senior director of product marketing and marketing communications for Brother International. He added that owners are "stockpiling their cash now to help guarantee they can survive the economic downturn and best position themselves for long term success"
Other findings indicated that many entrepreneurs believe the economy has affected their personal well-being, but most still enjoy owning their own business.
If the recession brings bad news for small business owners, circumstances may require them to sell their company.
There are three dangers to avoid if this is the case, according to marketing group Premier Sales: having an unrealistic idea of the value of the business, not having the company ready for sale, and lack of deal structure expertise.
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