Economic Growth Survey Reflects Confidence Among Nation's Small Business Owners
January 28, 2008 // Franchising.com // Denver, CO – President Bush, Congress and the Federal Reserve Chairman may be worried about a recession in 2008, but according an annual survey of the nation's small business owners, released this week, confidence is more the order of the day – in direct opposition to recent Congressional testimony.
The Alternative Board (TAB) – an organization that provides small to medium-size companies with peer advisory boards and business advice, in connection with CfMC, a leading market research firm based in San Francisco – annually polls members as well as a mirror group of non-member business owners regarding their performance relative to projections and their coming year business forecasts.
As Federal Reserve Chairman Ben S. Bernanke and Congress discussed last week, the prevailing attitude among business owners on the state of the economy is mixed. However, the 2008 TAB survey findings reveal that small business owners forecast an increase in these leading economic performance indicators:
Hiring (with downsizing numbers as contrast)
o Add employees: 56.8%
o Stay the same: 39.5%
o Downsize: 3.7%
Profitability in 2008
o Increase: 72.7%
o Stay the same: 17.98%
o Decrease: 9.3%
o Increase: 60.7%
o Stay the same: 28.8%
o Decrease: 10.4%
Peer Advisory Board Advantage
The results of TAB's annual survey also clearly indicated that organizations that participate in TAB's peer advisory boards are on track to achieve a greater growth and profitability in '08 than non-member business owners.
Jason Zickerman, president of TAB, explains, "What we found most interesting about this survey was that over 80 percent of our members and 65 percent of other business professionals projected an increase in gross revenue for the year. In addition, while capital spending and hiring were key components of confidence for everyone, profitability and revenue gains are significantly stronger for TAB members than those that do not share in a peer network."
Small business is the chief driver of the nation's economy. While President Bush and Federal Reserve Chairman Bernanke's proposed economic stimulus package is welcome, the results of the annual TAB survey demonstrate that those business owners participating in peer network organizations have already put a plan in place to maintain their economic momentum.
About The Alternative Board
The Alternative Board is an international provider of peer advisory and coaching solutions to leaders of privately held businesses. Over 300 TAB Boards are operating each month across the United States, Canada and South America. Headquartered in Denver, TAB was founded by Allen Fishman, author of 7 Secrets of Great Entrepreneurial Masters, in 1990. For more information about the survey or about The Alternative BoardÆ, visit www.TABBoards.com, or contact the local TAB-Certified Facilitator in your area.