Official press releases:
PARTNERUP'S SMALL BUSINESS OUTLOOK REVEALS CAUTIOUS OPTIMISM AMONGST SMALL BUSINESS OWNERS
37% of small business owners believe the economy will moderately improve by the end of 2009
Minneapolis, MN—September 15, 2009—PartnerUp, the first and largest online community geared solely toward small business owners and entrepreneurs and a Deluxe Company (NYSE: DLX), today announced the results of its Fall 2009 Small Business Outlook, a quarterly nationwide survey of small and medium-sized business owners. According to the survey of over 800 small business owners, 37 percent of the respondents believe the economy will moderately improve by the end of 2009.Survey responses also revealed that small business owners expect to invest more in their businesses, with 68 percent of respondents planning to hire new employees in the next six months.
At the same time, the survey also revealed that small business owners are taking measures to offset the economy's impact. Of the respondents surveyed, 10 percent are planning a workforce reduction, 32 percent are reducing unnecessary costs and 25 percent are lowering business travel and entertainment spending. And in light of the continued economic downturn, more small businesses owners are also contemplating selling their business. Sixty-four percent of respondents are considering selling their business, citing burn-out as the main reason for selling.
“Small businesses are a critical component of our nation’s economy, contributing to the creation of 70 percent of the economy’s new jobs,” said Steve Nielsen, CEO of PartnerUp. “These findings indicate that small business conditions are beginning to stabilize, but that small business owners still face significant challenges before the economy fully recovers. As the definitive resource for small business owners seeking to network and grow their business, PartnerUp is well-poised to help small business owners adapt to the current market climate as they continue to look for new ways to grow while minimizing unnecessary expenses.”
"Even in the current economic climate, the majority of small business owners are cautiously optimistic and confident," said Brian Kennett, Director of Community at PartnerUp. "The results of this survey show that small business owners are taking proactive steps to weather the continuing economic downturn, while simultaneously preparing for the impending economic recovery. PartnerUp is committed to ensuring small business owners have the tools, information and services needed to achieve their business potential and remain agile in today's competitive marketplace.”
Additional sample questions and results of the survey include:
- 1.Over the next six months, do you foresee having to take/keep another job in addition to running your small business, in order to survive?
- No 59 %
- Yes 31 %
- 2.Over the next six months, getting a small business loan will be:
- Remain the same 51%
- Moderately more difficult 22%
- Moderately easier 13%
- Significantly more difficult 8%
- Significantly easier 6%
- 3.Over the next six months, do you expect your business to:
- Stay the same 27%
- Grow moderately 23%
- Contract moderately 19%
- Grow significantly 14%
- Contract significantly 13%
- Close 4%
- 4.In which areas of your business do you foresee an increase in costs during the next six months?
- Taxes 43%
- Marketing 21%
- Employee benefits 12%
- Materials and supplies 11%
- Travel and entertainment 6%
- Rent or lease
- 5.What is your top priority right now, in terms of growing your business?
- Customer acquisition 24%
- Boosting your profit margins 17%
- Launching new products or services 15%
- Finding new talent 13 %
- Marketing and building brand recognition 13%
- Securing new funding 9%
- Maintaining/improving the quality of service offering 9%
Survey questions and results from PartnerUp’s Quarterly Small Business Outlook are available online at: http://corporate.partnerup.com/press-room/press-releases/09122009-fall-2009-small-business-outlook/
The Fall 2009 Small Business Outlook survey was conducted through targeted online distribution to U.S. small business owners, recording results from 808 respondents. The survey was conducted from August 24, 2009 to September 2, 2009.
About PartnerUp.com
PartnerUp.com is a free social networking Web site for small business owners and entrepreneurs. The site helps entrepreneurs and small businesses owners find business partners or co-founders, network with other businesspeople, ask for and offer up advice, and find resources for their business. PartnerUp.com was founded in February 2005 and is headquartered in Minneapolis.
###
Contact
Sara Long
Atomic PR
415-402-0230
sara@atomicpr.com
Full Questions and Results
- 1. By the end of 2009, do you think the economy will be:
- Moderately better than today 37
- Significantly better than today 23
- Same as today 19
- Moderately worse than today 14
- Significantly worse than today 7
- 2. Over the next 6 months, do you plan o hiring?
- Yes 68
- No 32
- 3. If yes, how many employees do you plan on hiring?
- 1 to 3 67
- 4 to 6 26
- 7 to 9 3
- 10 or more 4
- 4. Over the next 6 months, getting a small business loan will be:
- Moderately more difficult 22
- Significantly more difficult 8
- About the same as today 51
- Moderately easier 13
- Significantly easier 6
- 5. Over the next 6 months, do you foresee having to take/keep another job, in addition to running your small business, in order to survive?
- Yes 31
- No 59
- Maybe 10
- 6. Are you considering selling your business?
- Yes 64
- No 36
- 7. If yes, what is the main reason you are seeling?
- Business is losing too much money 15
- I have the opportunity to sell for a good price 18
- My lease is expiring and I can't afford the new terms 9
- Landlord would not lower my current rent 3
- Burned out and ready to pursue other interests 33
- Other 22
- 8. Over the next six month, what will be the most important feature of PartnerUp's service to the success of your business?
- Finding professional service providers for my business 25
- Receiving expert advice for running my business 37
- Finding the right talent for my business such as board members 16
- Hiring key employees 13
- Finding commercial real estate space 9
- 9. Over thenext 6 months, do you expect your business to:
- Grow moderately 23
- Grow Significantly 14
- Stay the same 27
- Contract Moderately 19
- Contract Significantly 13
- Close 4
- 10. In which areas of your business do you foresee an incrase in costs during the next 6 months?
- Materials and supplies 11
- Marketing 21
- Taxes 43
- Product Inventory 0
- Rent or lease 4
- Travel and Entertainment 6
- Salaries 3
- Employee Benefits 12
- 11. Over the next 6 months, what actions do you foresee taking in response to the current economy?
- Reducing unnecessary costs 32
- Reduce travel and entertainment spending 25
- Change product or service offerings 4
- Reduce marking budget 5
- Reduce prices 9
- Lay off Employees 10
- Reduce employee benefits 6
- None of the above 9
- 12. What is your top priority right now, in terms of growing your business?
- Finding new talent 13
- increasing your customer base 24
- Boosting your profit margins 17
- Securing new funding 9
- Launching new products or services 15
- Marketing and building brand recog. 13
- Maintain/Improve quality of your service offering 9