Courtesy of Mish.
Citing a new survey by Citigroup, CNBC Reports All Work, No Pay for Some Small Business Owners.
Here are some interesting highlights.
- Over the past few years, business owners report that they have, at one time or another, taken less profit (78 percent), worked more hours than usual (70 percent), and used their own money to help the business survive (69 percent).
- 54 percent of respondents say they have gone without a paycheck in order to keep the business running.
- 23 percent of owners have gone without pay for one year or more.
- More than one-third of owners (38 percent) said their employees worked overtime without pay
- 18 percent of owners said employees either missed paychecks or had paychecks delayed.
- Access to financing doesn’t come up in the top five most important issues among small businesses. Instead, business owners cite lack of sales and consumer confidence.
I would like to show a link to the Citigroup report but I cannot because CNBC did not provide one. Readers know this is one of my pet peeves, so I am calling them on it.
Recession Brought Small-Business Boom
Inquiring minds just may be wondering how many small businesses there are. A report written May 20, 2011 may surprise you.
Please consider Recession Brought a Small-Business Boom
“Compared to 2007, there was a huge increase in the number of business failures in 2008, 2009, and 2010. In fact, the number of business failures in 2009 was almost twice that of the amount of failures in 2007,” writes Byron Vielehr, president of global risk and analytics at D&B, in response to questions emailed by Portfolio.com.
“2009 and 2010 bore witness to the highest percentage of startups in more than a decade. The rate of new businesses had also been steadily climbing since 2006. As a result, the number of businesses in 2010 compared to 2007 is higher.”
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