President Obama’s job speech will be later today, and many business owners are apprehensive about what they will hear. A recent survey shows that entrepreneurs are ready to grow their businesses, but they are waiting for the right moment.
Citibank’s latest small business survey, released Tuesday, found that 49% of small business owners are holding their own, but are poised to grow when the climate is right, while 28% of businesses reported they are already in growth mode. Additionally, 79% of respondents said they are prepared if the economy were to take a turn for the worse, showing the recession’s impact was lasting.
The health of the economy is, of course, a top concern for these small business owners, with 90% reporting they are concerned about a double-dip recession.
Small business owners are also feeling accountable for the country’s recovery, the survey found. Sixty-six percent of respondents said they feel they are very responsible for the recovery, while 28% said they are “somewhat” responsible for the recovery.
The biggest challenges they have faced throughout the past few years have been taxes, insurance and/or benefit costs (65%), declines in sales and poor economic conditions (61%) and personal stress from being accountable for everything and everyone (60%).