Categorized | Breaking News

Survey: Small biz owners rate ‘saving money’ top issue

A monthly survey commissioned by Office Depot has found that the need to save money is a high need among small business owners.

According to the Office Depot survey of more than 1,000 small business customers, 38% indicated that they have been impacted by the economic slowdown and are compensating by “limiting business travel;” 29% are “cutting advertising/marketing expenditures;” and 22% are “outsourcing fewer jobs.”

At the same time, the results conveyed little consensus in terms of the “state of the economy” as small businesses are evenly or less divided regarding the recovery, with 45% indicating that they are seeing signs of growth and 55% reporting no increase.

Moreover, given the current mindset of the market, 36% of companies with 1 to 99 employees are unsure when the economic conditions will improve. However, 22% of small business owners will continue to “weather” the economic conditions and believe a full recovery will take place within five years.

“Small business owners are still feeling their way through the current economic conditions, particularly in their business and personal lives,” said Steve Odland, chairperson and CEO of Office Depot.

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