Nearly half of all business owners expect a recession in the next year, while just nine percent say they anticipate economic expansion. Fifty percent cite “economic uncertainty” as one of the most significant challenges they face, with the cost of health insurance (35 percent) and lack of available capital (32 percent) rounding out the top three issues.
“Small businesses are buckling down, with nearly a quarter reporting no growth strategies planned for the coming year,” reported NSBA Chair Marilyn Landis. “Sales and profits are down, and fewer jobs are being created in 2008 than at any period since 1993 when the survey began.”
More than half of business owners surveyed said they have faced difficulties securing credit over the last year. Credit cards continue to be the largest primary source of financing for small businesses, yet 57 percent report that their credit card terms are worsening. Visit www.nsba.biz.