Citi Survey: Small Biz Owners Say Double Dip Is Coming
In a Citibank survey, small business owners rate business conditions as fair or poor and say they are prepared for another economic downturn.
A full 86 percent of small business owners told Citibank they expect a double-dip recession while 75 percent said they have prepared for such an event by reducing debt, increasing cash reserves, freezing hiring and delaying expansion plans.
Citibank said 61 percent of small business owners surveyed said they plan on working longer hours themselves. Another 44 percent said they would get by with fewer employees.
Forty-two percent of small businesses owners said they expect business to improve in 12 months; 58 percent said conditions would worsen or remain the same.
Among the biggest challenges facing small businesses are higher taxes, declining demand, tighter regulations and the cost of health care, the survey said.
WBJ Web Partners
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