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Citi Survey: Small Biz Owners Say Double Dip Is Coming
09/02/10
In a Citibank survey, small business owners rate business conditions as fair or poor and say they are prepared for another economic downturn.
A full 86 percent of small business owners told Citibank they expect a double-dip recession while 75 percent said they have prepared for such an event by reducing debt, increasing cash reserves, freezing hiring and delaying expansion plans.
Citibank said 61 percent of small business owners surveyed said they plan on working longer hours themselves. Another 44 percent said they would get by with fewer employees.
Forty-two percent of small businesses owners said they expect business to improve in 12 months; 58 percent said conditions would worsen or remain the same.
Among the biggest challenges facing small businesses are higher taxes, declining demand, tighter regulations and the cost of health care, the survey said.
Excellent comment Ken.
Such surveys are like the "ask the audience" life line on Who Wants To Be a Millionaire. Whether the majority is right or wrong, one is tempted to go with the majority. In the case of this survey, all it is doing is adding to the negativism, which is stifling the recovery and creating a self-fulfilling prophesy for a double dip. We cannot rely on the media to be a partner in this recovery because they are driven by their own bottom line and they know that bad news sells better than good news. The one thing that drives an economy is the behavior of its participants. To change the economy we need to change our behavior. To change our behavior, we need to change our thinking. To behave positively, we need to think positively.