What is the Most Popular Small Biz Strategy for 2010?
For small business owners, better understanding their competitors can help turn their focus in 2010 from surviving to thriving. A new survey of small business owners from Brother and conducted by Wakefield Research reveals the inside track on how small business owners intend to tackle 2010.
There are two schools of thought on how best to prosper in a strained economy – building reserves versus building business. Is it best to invest in your business now so that you can gain an advantage over competitors, or to stockpile cash reserves to guarantee that you can survive further economic troubles?
The survey results reveal that more than half (53%) of small business owners are playing defense in the down economy: they’re stockpiling cash to help them survive rather than investing in their business. Only 36% plan to invest in their business now so that they can gain an advantage over competitors.
Likewise, most small business owners will be pocketing the returns in 2010. Only 41% of small business owners plan on using part or all of their 2009 tax refund to make capital expenditures in 2010.
Additional stats can be found in Brother’s press release.