Sage North America regularly surveys small and midsized businesses for their opinions on business issues.The current Business Minds Survey gauges the impact of the economic recession on small business in the United States. Below are the key findings from the survey as compared to a survey conducted in May 2009.
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reduced business costs.
The End is Near(er)
More people switched over to believing that the economy will improve within 6 months rather than 6-12 months. This would seem to indicate an increased optimism about the economic outlook.
a) The percentage of people who believe the economy will improve in the next 6 months is up to 29% in 2010 from 24% in May 2009.
b) The percentage of people who believe the economy will improve in 6-12 months is down from 38% in May 2009 to 33% in 2010.
c) The percentage of people who believe the economy will take more than 12 months to improve did not change significantly over the past year.
Administration's Small Biz Proposals
Respondents weighed in on the Obama Administration's proposals for small businesses on topics such as capital expenditure deductions, new employee tax credits, refinancing existing debt, among others.
a) The proposal considered most helpful – to extend through 2010 the provision that accelerates the rate at which businesses can deduct the cost of capital expenditures – was rated "somewhat" or "very helpful" by 37% of respondents.
It's All About Cost-Cutting
When asked about actions taken in the last 6 months as a result of economic conditions, those focused on cost-cutting were most popular among respondents.
a) 60% of respondents stated they are monitoring finances more closely.
b) 40% of respondents stated they are reducing capital expenditures.
c) 35% of respondents stated they have reduced their number of employees.
