According to the 3rd Annual Staples National Small Business Survey, 50% of small business owners are reducing their own compensation and 41% expect to retire later than planned.
The internet poll -- which surveyed 300+ small businesses -- also revealed small business owners and managers are taking measures to offset the economy's impact. Sixty nine of U.S. small-business owners and managers are constantly trying new things to stimulate their business and 47% view themselves as 'intrapreneurs' (i.e. an entrepreneur who operates within the corporate structure pursuing innovative projects.)
The survey also revealed that 55% of U.S. small-business owners and managers are taking advantage of special pricing programs offered by retailers in order to save some money. And when it comes to sales and marketing, 55% of those surveyed are paying less for advertising, with 48% using more viral marketing and use of word of mouth to keep their companies afloat.
Even though the current economic climate is challenging, the majority of those surveyed are confident that they will weather the storm, with 84% stating that they will be in business next year in their current form.