Small Businesses See Glass Half-full

By: Evan Berlin

There's a lot of doom and gloom out there. Economists from around the country seem to agree that the US economy is in a downturn. How deep or how long it will last is anyone's best guess. Even the ever optimistic Oracle of Omaha, Warren Buffet, said recently, "My general feeling is that the recession will be longer and deeper than most people think. This will not be short and shallow."

While recent research from National Small Business Association (NSBA) survey of Small and Mid-Sized Businesses and American Express OPEN seems to back up those assessments, many small business owners remain optimistic about their ability to have a successful year. Among the highlights:

* Increased energy costs have led 37% of businesses to increase their prices, yet 18% have invested in energy efficient equipment or upgrades

* 70% of small business owners remain confident in the outlook of their own business

* 70% of businesses have been able to secure adequate financing, up from 67% in 2007

* 71% of business owners plan to grow their business over the next 6 months

* Almost 40% of small business' plan to hire in the next six months

* 86% of entrepreneurs describe themselves as "glass half-full" people

As Eric so eloquently spoke of in his recent post(on PaySimple's blog), and Sarah discussed last Monday, small businesses provide the fuel that powers the US economic engine. On the heels of small business week, and in the midst of what most experts believe to be a recession, we at PaySimple wish you all the best in 2008. We know things are tough yet we remain confident in your ability to remain strong in the face of adversity. We are 110% behind all of you who strive for better lives and a piece of the American Dream.

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