According to a recent survey by Intuit Payroll, 94% of small business owners say the health of their business depends more on what they do for themselves than on what the government can do for them. That’s not unusual. Small business owners have a habit of bootstrapping their way to success and have proven that method successful time and again.
That aligns with small business thinking on the stimulus plan too. The survey revealed:
- 86% don’t believe the federal economic stimulus plan will directly benefit their small business.
- 98% have not received any money as a result of the federal economic stimulus plan.
- 84% do not believe the economic stimulus plan will help them grow their business in the coming year, nor do they believe their small business will benefit directly from the economic stimulus plan.
But all is not lost. Many small business owners see hope on the horizon.
- 88% see opportunities for their business despite the current economic environment.
- 61% expect their businesses to grow over the next 12 months.
- 57% believe that now is a good time to invest in their small business. Smaller businesses and newer businesses tend to see the most opportunity right now.
Author Victor Cheng agrees. While doing research of the previous 12 recessions, Cheng found dozens of small businesses that grew dramatically during a major economic crisis. These small businesses became industry giants-UPS, Disney, Costco, Charles Schwab, FedEx and Hewlett-Packard, among others.
Cheng is so convinced that other small businesses can benefit from what he discovered that he is giving away one million copies of his book, The Recession-Proof Business: Lessons from the Greatest Recession Success Stories of All Time, to owners of businesses with fewer than 100 employees. If you qualify, you can hop on over to Bailout USA, enter your name and email address and you’ll receive a link to the pdf version of the book along with an mp3 that shares highlights.
I picked up a copy of the book and it’s a quick read - 85 pages - that gives you the detail he bases his formula on. It makes sense and it’s what many of us have been saying. His four key points are:
- There’s still money out there, but you have to go find it.
- Base business decisions on facts, not headlines.
- Exploit the opportunities that recessions create.
- Adapt or die.
That’s the same advice many of us have been giving for quite some time now. And you’ve probably already embraced those principles if your business is still alive.
So tell me what you think about the survey results and Cheng’s book by leaving a comment.
About the Author: Denise O’Berry is a small business expert who provides tools, tips and advice to help small business owners be successful. O’Berry is the author of “Small Business Cash Flow: Strategies for Making Your Business a Financial Success.” Her blog can be found at here.