Small Businesses See Spending Cuts
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The Wells Fargo/Gallup Small Business Index Survey has revealed some troubling numbers for small business owners. A quarterly phone survey of 600 owners nationwide has revealed that more than one-third believe their personal financial situation is deteriorating, and as many as half have postponed a major purchase in the past three months.
Of the owners surveyed, 44 percent indicated that they’ve cut back the amount of money put into savings, checking, and CD accounts, and almost a third say they’re reducing investments in their retirement accounts.
High gas costs are largely to blame for the heightened anxiety many owners feel, with three-quarters of the respondents indicating that they’re concerned about their fuel bills. 51 percent expressed fears over meeting regular medical expenses over the next year, and 46 percent worry that they couldn’t cover the cost of a medical emergency.
Maintaining a healthy cash flow is vital to the success of your business, especially during times of economic turbulence. Contact Summit AR today to learn how we can help get your delinquent accounts back into the black.