US small business sees growth in 2010: CIT
17 Feb 2010
US small businesses have emerged stronger and their owners intend to apply lessons learnt from the recession to grow their companies in 2010, a study released by CIT Group Inc, a leading finance provider to small businesses and middle market companies, said.
The research report, `US Small Business Outlook 2010: Lessons Learned - A Case for Greater Optimism,' developed in association with Forbes Insights, showed that a majority of small business owners feel more confident and better positioned to advance their business this year.
Eighty-one per cent of the respondents said that they are now smarter about running their businesses, and 70 per cent said the challenges of the recession have made them stronger leaders. Additionally, nearly half (45 per cent) agreed that the recession exposed flaws in their business strategies that were previously not apparent to them.
A majority of the small business owners in the US showed greater optimism about their 2010 growth prospects, with 60 per cent of respondents expecting their companies to grow (53 per cent) or grow significantly (7 per cent) this year, according to the study.
Less than a third (28 per cent) expect their revenues to be flat and just 12 per cent anticipate a decline. At the same time, small business owners are still feeling the pressure of the current economic environment, with 71 per cent agreeing that they are working harder and longer than ever before, and nearly a third (29 per cent) indicating that the recession has made them doubt their commitment to running a small business.
Small businesses also believe they will play a key role in the US economic recovery, but in spite of, rather than assisted by, support from the federal government.
