Despite gloom from many pundits, small businesses are poised to weather the current economic downturn and plan to grow despite it, according to a study by Intuit Inc.
The recent “Get Back to Business” survey conducted for QuickBooks, the top-selling small business accounting software showed most if not all those surveyed felt they could whether the coming recession.
Intuit said nine out of 10 U.S. small business owners reported seeing opportunities for their businesses in the current recession, and more than 75 percent expect growth.
Intuit also reported that respondents, primarily small business owners, said they’ll rely on their experience and passion,
Interestingly, nearly two-thirds said they have survived previous downturns.
One way respondents told Intuit they would survive the recession was by putting their customers first, with 63 percent naming customer retention as their top priority, followed by focusing on their finances.
“Small business owners are extremely adaptable and nimble individuals. Faced with climbing gas prices and tightening credit standards, they continually prove to be the driving force of our economy,” said Rick Jensen, senior vice president of Intuit’s Small Business Division.
“It is their unrelenting passion for serving their customers that enables small businesses to innovate and ultimately succeed in the face of any challenge the market presents them," he added.
Global Strategy Group, an independent, full-service market research firm, conducted the Get Back to Business Survey from March 7-11, sampling 751 small business owners with less than 100 employees.
In the survey, 70 percent of small business owners said their personal passion drove them to start their own company, and that the same passion will help them get through a downturn. Undaunted by the economy, 86 percent of respondents said they remain as passionate as the day they started.
Intuit reported that for many, however, the passion is tempered by the frustrations with the administrative side of running a company.
Sixty-four percent wished they could spend less time doing paperwork and invoices, and more time getting back to the business of running their business.
When asked if they could hire one additional person to do any job in their business, nearly 40 percent said they would bring on administrative support, such as a bookkeeper, to help get organized and help with billing.
“The business of doing business should not get in the way of entrepreneurial dreams,” said Jensen. “Our goal is to provide our customers with the easiest-to-use business management tools and resources available so they can focus on what’s most important, especially when times are tough.”
To further assist small businesses, Intuit will offer a series of webinars designed to provide information and guidance to help owners succeed. The first webinar will be held on April 23 at 11 a.m. Pacific time. More information is available at http://www.quickbooksgroup.com/getbacktobusiness.
A summary of the survey findings is available at www.quickbooksgroup.com/getbacktobusiness.