According to results of the 2010 U.S. Bank Small Business Annual Survey, small business owners are showing confidence in their businesses though they believe that the economic recession will continue into 2011,
Most Believe Recession Will Persist
As per small business owners the U.S. economy is in a recession, but they have a slightly more positive outlook on the business conditions in their local markets. 9 of 10 small business owners feel that the US economy is in recession. Around 8 out of 10 feel that the recession will continue till 2011. On asking about the condition of their state, 3 out of 10 feel that their state is better than the rest of the country.
Other Major findings of survey
- 44 percent survived a serious financial crisis.
- 37 percent have faced a crisis as a result of loss of their biggest client.
- 55 percent believe healthcare reform will have negative impact on their business.
- 47 percent expect higher revenue next year.
- 63 percent say their company is financially good.
- Four of 10 small business owners express that they want their bank to satisfy their individual needs and to know them and their business.
- Three out of 10 want their bank to deal in a more straight-forward manner.