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Small business is apparently pessimistic…

MYOB has conducted a survey of small business owners and found that 43% of them had experienced a negative result from the global economic situation. Which of course implies that 57% have NOT experienced a loss in turnover.

63% think a recession is coming, and I agree that is likely. I disagree however that it means small businesses are all about to fail or feel pessimistic. Many people actually thrive and do better during a recession , and it means many will just cut the excesses and find more efficient ways of doing things which is all good to me.

Their survey also showed 43% of people (I guess they weren’t the same 43%!) believe their business will perform better over the next 12 months. This may be down from 56% in June last year, but I still think it is a positive response.

Mr Reed, CEO of MYOB, said “Now more than ever business owners need to step out of the daily chaos and look at the ‘big picture’.  There are many things they can’t control – they should accept those and put energy into what they can control.  Business owners shouldn’t be afraid to seek specialist help, such as talking to their accountant about ensuring their business is running as efficiently as possible”

I think he is right – let’s accept that we can’t control the world finances but we can control our own businesses and attitudes. If the financial crisis does reduce profits and makes it tough for some businesses, being creative and looking for opportunities could help many small businesses survive and even thrive.

What do you think – does the financial crisis mean small business should worry or get conservative? Or is this the time to work on strengthening and refining your business to weather the storm?

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