A new survey of small business owners by Brother International Corporation found that small business owners are still hunkering down.
The survey revealed that more than half (53 percent) of small business owners believe stockpiling cash is the best strategy for surviving the current economic climate, as opposed to investing in their business. This is a wise and prudent strategy right now. The economy is a long way from recovery and more shocks could be in our future. Cash is the best cushion against uncertainty.
The same survey showed that the majority of small business owners (79 percent) will strive to make their company more efficient this year. Bootstrapping is back in and is a great path to higher cash reserves.
Additional results from the survey include:
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