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How Do You Handle Tough Economic Times? (Nov 2008)

Respondents: 515

As the economic crisis facing our nation and the world continues to deepen, the self-employed and micro-business owners will have to make tough decisions regarding the operation of their business. Please take this short survey to tell us how you are presently handling or plan to address the tough economic times ahead.
1. How much of an impact is the slow economy having on your business at the present time?
50% Significant impact on my business
21% Moderate impact on my business
19% Slight impact on my business
08% No impact on my business
02% No Opinion
2. In your current business, how does this economic downturn compare to previous periods of a slowing economy?
43% This economic downturn is the worst I have experienced.
16% This economic downturn is similar to hard economic times I have experienced previously.
06% This economic downturn is not as bad as hard times I have experienced in the past.
26% This economic downturn is the first I have experienced with my current business.
08% No opinion
3. What actions in your business are you considering to address the difficult economic climate? (Choose ALL that apply.)
10% Lower prices of products and/or services
17% Scale back the purchase of inventory or equipment
11% Downsize staff (i.e. let go some employees) or refrain from hiring new staff
09% Cut benefits for myself and/or my employees (i.e. health care; 401K contributions)
09% Institute temporary pay cuts for myself and/or my employees
06% Attempt to obtain loans to shore up my business
14% Use my personal savings to shore up my business
09% Increase use of credit cards to assist with cash flow difficulties
04% Close the doors of my business
11% No change in the way I am conducting business
02% No opinion
4. Which has experienced the larger negative impact from this economic crisis?
32% My business
54% My family’s personal finances
14% No opinion
5. What are your expectations for your 2008 year end gross revenue?
24% Higher than 2007
18% Stay the same
51% Lower than 2007
07% No Opinion

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