A recent survey conducted by StartupNation’s friends at Wakefield Research for Brother® International, https://bit.ly/cIsNF5, indicated that small business owners “believe that stockpiling their cash now is the best strategy for survival.”
The survey also revealed ways that small business owners plan to make their businesses more efficient this year. To find out more, I interviewed Bruce Freeman, The Small Business Professor and Brother’s spokesperson. Here’s what he had to say:
Why is the Brother survey important to small business owners?
The Brother International small business survey is important because small business owners are very interested in what’s happening in their community, and this is one resource for them. The survey shows small business owners how their peers are responding to the current economic climate, whether it’s stockpiling cash to help their business survive in the long-run, or investing in energy-efficient products to help cut costs.
What do you think the survey results tell us about today’s entrepreneurs?
The survey results tell us that today’s entrepreneurs remain enthusiastic and passionate about their business, regardless of the current economic climate. However, at the same time, small business owners are also being cautious about what they are spending and how they are spending, which includes looking for quality equipment that provides great value.
How can small business owners be more efficient in today’s economy?
There are a number of ways that small business owners can be more efficient in today’s economy. In fact, the Brother International small business survey found that nearly half of small business owners are already striving to be more efficient in how they spend their time and money.
Other ways that small business owners are becoming more efficient is by adopting greener practices. In fact, 63% of survey respondents are turning off lights when they are not in use, and nearly half of small business owners are making an effort to use less paper.
What steps can small business owners take right now to survive tough times and save money?
Just like the survey found, small business owners should consider holding off on large capital investments at this time to help them survive the economic downturn. They should also look for networking opportunities to help build business relationships. Small business owners should also strive to be more efficient with their own time and their products. They should look for efficient office products that give them the best value for their money, such as Brother printers and all-in-ones.
Is there anything else that you would like to add?
Despite the economic downturn, now is actually a good time to start a small business because in today’s economy, there isn’t the same type of job assurance there was in the past. Nowadays, people are worried about losing their jobs and it’s a great idea to have an alternate plan for success. People should consider opening a small business of their own on the side because you never know what is going to take off.
Thanks for your great insights Bruce! For more about this survey, click here. And if you need help promoting your new business, please write to me here or at www.rembrandtwrites.com. I’d love to hear from you!