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Survey: Small Businesses Plan Growth Despite Economy

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By Editorial Staff of B2B CFO

Small and Mid-size Businesses around the Country Plan Growth and Expansion, Adding More than 3,000 Jobs in 2008

Phoenix, Ariz. (April 1, 2008) — Less than ten percent of business owners and CEOs participating in a recent study are concerned about the economy. In fact, those surveyed project a 27.8% increase in sales and plan to significantly add to their employment base. These findings are among the conclusions presented in The 2008 B2B CFO Annual Client Survey, just released.

Conducted by B2B CFO a national firm that provides CFO services to small and mid-size businesses around the country, the survey examines key concerns facing business owners this year. To get the results B2B CFO surveyed 310 of the firm’s current clients representing diverse industries and fields including technology, medical, manufacture and construction. Companies surveyed are based around the United States and range in sales from just under $1 million to $125 million.

The findings show that despite the economic downturn and strong media focus on the recession, business owners in the small and mid-size market are doing well and planning to grow. In fact the study shows a 23.4% increase in number of employees this year.

The 310 companies surveyed currently employ a total of 13,873 employees. Jointly they plan to add 3,246 more jobs this year.

Similar increase is seen in area of sales. The average sales of those surveyed is $9 million. The projected growth in 2008 will bring the average up to $11.6 million, a 27.8% increase.

The key areas of concern were also examined in the survey:

  • Overwhelmingly the two main concerns are: cash and growth. 54.8% of those surveyed listed Cash and Growth as their key concerns. 25.5% selected Cash as the key concern and 29.4% said growth was their key concern.
  • Only 9.7% listed the economy as their main concern.
  • 9.4 % listed “Process Improvement” as their key concern. This covers infrastructure improvements in areas of product development, leadership, operations, training, systems, culture, and financial reporting.
  • Profitability was the main concern for 6.5% of those surveyed.
  • 5.8% of businesses surveyed said that “cost” was their main concern.
  • 4.2% consider staff as their key concern this year.
  • Other concerns included exit strategies, proper business planning, and technology.

      • “Small and mid-size businesses are doing well and growing, the survey clearly shows us that,” said Jerry L. Mills, founder of B2B CFO and business non-fiction author. “The economy is a predictable cycle. What some see as a recession we teach our Clients to see as an opportunity. While the weaker businesses that do not take measures to prepare will go away, other businesses can easily increase their market share. It is a true survival of the fittest.”

      The survey was released conducted in February of 2008 and the results released in March of 2008.

      ABOUT B2B CFO ANNUAL CLIENT SURVEY

      The B2B CFO Annual Client Survey studies key concerns of small business and mid-size business owners and reports on the impact of the concerns on planned growth and profitability. Results are based on telephone interviews with at least 300 of the firm’s current Clients representing diverse industries and geographical locations across the United States.

      ABOUT B2B CFO
      With headquarters in Phoenix, AZ, the firm was founded in 1987 by Jerry L. Mills. B2B CFO is the nation’s largest CFO firm serving entrepreneurial, growth and mid-market companies with sales up to $75 million. The firm’s partners have an average of 25 years of experience and each individual partner is a senior level executive with a broad range of expertise. Please visit online at www.b2bcfo.com

      Jerry L. Mills, CPA is also the author of “The Danger Zone — Lost in the Growth Transition” and “Avoiding The Danger Zone — Business Illusions” non-fiction business books aimed at entrepreneurs. For additional information, or to purchase a copy, please visit online at www.dangerzonebook.com.

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