Word: businessness
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Dates: during 2000-2009
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Small-business company sales fell 3.8% on average in the first 10 months of 2009, which reverses the 2.4% gain posted in 2008, according to Sageworks, which provides software and consulting services to private business. "That's almost a 6% decline in the sales growth rate," says Andrew White, the...
Certain sectors have been ravaged more than others: small businesses involved in the transportation and warehouse business, manufacturing, wholesale trade and retail trade took the biggest hits, with sales plunging 16.7%, 13.8%, 10.4%. and 6.7% respectively in 2009, says White. (Sageworks' results reflect data gathered from more than 10,000...
The National Federation of Independent Business offers similar gloomy findings: its latest data indicate 86% of small businesses surveyed reported that earnings either fell or were flat in the past three months and 82% posted either flat or lower sales. Over the next three months, 21% plan to cut workers...
Yet, the small business community has typically played a key role in leading the country out of past recessions.
Small businesses generated 65% of the job growth between 1993 and 2008, and represent about half of the private-sector employment in the U.S., according to the Small Business Administration. "So they are going to be important for us to have a true recovery that includes job growth," says White...