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The Small Business Year in Review 2011, Outlook 2012

OUT WITH THE OLD, IN WITH THE NEW SMALL BUSINESS OWNERS' TAKE ON 2011 AND OUTLOOK IN 2012 Thanks to the slow economic recovery, a credit crunch, and general uncertainty about the future, small business owners had a lot to deal with in 2011. Through it all, they're heading into 2012 with an optimistic outlook. Our Intuit Small Business Surveys tap into small business owners' reflections on 2011 and what they expect in 2012. TRIALS AND TRIUMPHS OF OWNING A SMALL BUSINESS IN 2011 Maintaining and growing business in a recession remained a top challenge for small businesses in 2011. However, the resilient spirit of small businesses keeps their focus on progress ahead. SMALL BIZ STILL STRUGGLED IN 2011 WHAT HAS BEEN THE HARDEST PART OF BEING A SMALL BUSINESS OWNER THIS YEAR? Decline in Customer Base | 47% Difficulty Acquiring a Line of Credit | 10% No Opinion I 15% Delayed Payments From Customers | 26% Laying Off Employees 2 % SMALL BUSINESSES STRESS OUT ABOUT GROWTH WHAT'S THE NUMBER ONE THING ABOUT YOUR BUSINESS THAT KEEPS YOU UP AT NIGHT? Growing My Business | 35% Paying My Bills | 25% Keeping My Customers Happy I 13% Finding Time to Develop and Run My Business | 10% Keeping Up With the Competition I 7% Finding the Right Talent I 3% ELECTRONIC PAYMENTS GAIN POPULARITY WHAT TYPE OF PAYMENTS DO YOU ACCEPT? 2010 2011 TYPE OF PAYMENT 86% 86% CHECK 45% CASH 82% O 31% CREDIT CARD 45% 24% 29% ELECTRONIC CHECK 17% ONLINE 47% * (Such as PayPal or Intuit Payment Network) SMALL BIZ PASSION THRIVES WHAT'S THE NUMBER ONE REASON YOU STARTED YOUR BUSINESS? Have you gotten away from the reason you started your business in the first place? Personal Passion 67% I 2010 2011 It Was a Way to Pay the Bills 21% 83% 69% I Was Between Jobs 8% 30% 17% Recession 1% No Opinion 3% YES NO LOOKING AHEAD TO 2012 Small business owners are optimistic going into the new year. In fact, 69 percent expect to grow despite the economic climate, and 67 percent think the economy will start to recover in two years or less, or that it already has started to rebound. HAPPY NEW YEAR SMALL BIZ SEES SLOW RECOVERY HOW LONG DO YOU THINK IT WILL BE BEFORE THE ECONOMY STARTS TO RECOVER? Do you expect your business to grow in the next 12 months despite the economic climate? No Opinion I 7% No | 26% Yes | 69% Already Happening 3 Months 6 Months 1 Year 2 Years More Than No 2 Years Opinion 2012! SURVIVE THEN THRIVE IN 2012 WHICH OF THE FOLLOWING ARE NEW YEAR'S RESOLUTIONS FOR YOUR BUSINESS? 10% 20% 30% 40% 50% 60% 70% Expand Market to Attract New Customers 57% Focus on Retaining and Growing Current Customers 53% Expand Products/Services to Make More Money 40% Reduce Costs 37% and Save Money Invest in Expanding 16% Operations Hire New Employees 16% MARKETING AND EXPANSION RANK ON SMALL BIZ WISH LIST WHAT WOULD YOU DO IE YOU HAD ACCESS TO A NEW LINE OF CREDIT? 48% 48% 34% 28% 22% 18% Increase Expand Range of Services/ Increase Social Media Marketing/ Advertising Budget Invest in New Hire More No Opinion Technologies Employees Offerings Budget intuit. SOURCES: INTUIT SMALL BUSINESS SURVEY 2011, INTUIT SMALL BUSINESS SURVEY 2010, INTUIT PAYMENTS SURVEY 2011, INTUIT PAYMENTS SURVEY 2010 .....

The Small Business Year in Review 2011, Outlook 2012

shared by ColumnFive on Dec 30
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Thanks to the slow economic recovery, a credit crunch, and general uncertainty about the future, small business owners had a lot to deal with in 2011. Through it all, they're heading into 2012 with an...

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Intuit

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Business
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