According to Survey on Business Confidence, by Adminstaff, it was revealed that, 21% of the small business owners expect a economic rebound in mid 2011 and 47% expect it to happen in last six months of 2011 and 30% are unsure.
On being asked about their business performance, 67 (72% in last survey) percent of small business owners and managers said confidenty that they were either meeting or exceeding their 2010 performance plans, while the remaining 33 percent reported that they are doing worse than expected.
The reports say that most(67%) of the small business owners wer preferring to maintain the same levels of staff, owing to the current economic situation. Further, 24% were likely to hire and 9% were to layoff.
Coming to compensation of employees in small businesses, 54% were to maintain same levels, 26% agreed to increase, 1% plan to decrease and 19% were unsure. The reports also reveal that overtime had rised to 9% of base pay.
The small business owners on being asked about the pipelines for new business, for the remaining 2010, reported, increase in sales (38%); 43 percent viewed that there will be no change in sales; 12 percent predicted decreasing sales; and 7 percent were unsure. According to the reports, sales commission increased by 8%.
On being asked about the profit generating strategies that are being adopted by SMB’s, selling new accounts was at the top of the list with 70%, increased service to clients was to be implemented by 65%, 44% were planning to introduce new products and services, negotiating with vendors was opted by 31% and 25% preferred to invest in new improvements.
On being researched about the major concerns among the small business owners, 77% of them said that economy as the major short term concern, 56% cited government health care reforms, 54% reported rise in health care costs and 37% reported controlling operational costs. The response from the small business owners on being asked about the long term concers, 69% were concerned about potential tax increases, 67% were concerned due to economy and 66% cited total national debt anf federal deficit.