We’re all intently focused on the economy these days. Many of us are curious to know how other entrepreneurs are handling the recession. For this reason, I recently conducted a “How Are We Doing?” survey among my associates and PRO peer group members. The results are in, and they’re pretty interesting. Here are the highlights.
Finding #1: Our outlook is generally positive!
When asked what their experience has been during the last six months, 67% of respondents report that their experience was “not as bad as it could have been” or “we did surprisingly well.” While this question measures outlook rather than actual results, it’s good to know so many are in an optimistic frame of mind.
Finding #2: We wisely reduced expenses.
Many entrepreneurs took steps to reduce expenses. 25% laid-off employees; 20% cut staff through attrition and/or reduced work hours. Some respondents report that they also reduced fixed expenses such as rent and phone service.
Finding #3: We’re becoming more Internet-savvy.
76% of respondents report they’re relying more on web-related activities, especially in marketing and sales. 42% reported that they either revamped their website or increased SEO activity. Others are using more email marketing and utilizing social networking media. Bottom line: the low cost of Internet activity is moving many companies to market more aggressively online.
Finding #4: We’re split on how we think our year will play out.
Asked to rate their business outlook for the remainder of 2009, the responses formed a near-perfect bell curve, with a slightly optimistic tilt. (36% of respondents weighed in at the middle, 37% say business will improve, and 26% were pessimistic.)
Finding #5: Entrepreneurs are most worried about cash, credit, and costs.
When asked to list the top three issues facing their business, respondents repeatedly identified three things: cash flow, credit availability, and health care costs. And when subsequently asked to state the three top issues facing the small business community, they identified these same issues. This is clearly what’s on most people’s minds.
In summary, we can learn a great deal from what our peers have to say, which is why I facilitate peer advisory boards in the first place. If you’re interested in receiving a detailed survey results summary, or in learning more about peer groups, email me at ray@propres.com.
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