Growth During Recession? Small Businesses Say “Yes!”
Intuit Survey Reveals Small Businesses Bullish on Growth, Despite
Economy
MOUNTAIN VIEW, Calif. (Business Wire EON) April 3, 2008 --
Small businesses are poised to weather the current economic downturn and
plan to grow despite it, according to Intuit Inc.’s
(Nasdaq:INTU) recent “Get Back to Business”
survey conducted for QuickBooks,
the nation’s top-selling small business accounting
software.
In a considerable showing of solidarity, nine out of 10 U.S. small
business owners reported seeing opportunities for their businesses
in the current recession, and more than 75 percent expect growth. To
make this growth a reality, small business owners say they’ll
rely on their experience and passion; nearly two-thirds have survived
previous downturns. And to recession-proof their businesses, respondents
plan to put their customers first, with 63 percent naming customer
retention as their top priority, followed by focusing on their finances.
“Small business owners are extremely adaptable
and nimble individuals. Faced with climbing gas prices and tightening
credit standards, they continually prove to be the driving force of our
economy,” said Rick Jensen, senior vice
president of Intuit’s Small Business
Division. “It is their unrelenting passion
for serving their customers that enables small
businesses to innovate and ultimately succeed in the face of any
challenge the market presents them.”
Paperwork Stifling Passion?
In the survey, 70 percent of small business owners said their personal
passion drove them to start their own company, and that the same passion
will help them get through a downturn. Undaunted by the economy, 86
percent of respondents said they remain as passionate as the day they
started.
For many, however, the passion is tempered by the frustrations with the
administrative side of running a company. Sixty-four percent wished they
could spend less time doing paperwork and invoices, and more time
getting back to the business of running their business. When asked if
they could hire one additional person to do any job in their business,
nearly 40 percent said they would bring on administrative support, such
as a bookkeeper, to help get organized and help with billing.
“The business of doing business should not
get in the way of entrepreneurial dreams,”
said Jensen. “Our goal is to provide our
customers with the easiest-to-use business
management tools and resources available so they can focus on what’s
most important, especially when times are tough.”
Get Back to Business Webinar Series
To further assist small businesses, Intuit will offer a series of
webinars designed to provide information and guidance to help owners
succeed. The first webinar will be held on April 23 at 11 a.m. Pacific
time. More information is available at www.quickbooksgroup.com/getbacktobusiness.
Survey Background and Methodology
Global Strategy Group,
an independent, full-service market research firm, conducted the Get
Back to Business Survey from March 7-11, sampling 751 small business
owners with less than 100 employees. Respondents accessed the survey via
Global Strategy Group’s online system. A
summary of the survey findings is available at www.quickbooksgroup.com/getbacktobusiness.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management
solutions for small and mid-sized businesses; financial institutions,
including banks and credit unions; consumers and accounting
professionals. Its flagship products and services, including QuickBooks®,
Quicken® and TurboTax®
software, simplify small business management and payroll processing,
personal finance, and tax preparation and filing. ProSeries®
and Lacerte® are Intuit’s
leading tax preparation software suites for professional accountants.
The company’s financial institutions
division, anchored by Digital Insight, provides on-demand banking
services to help banks and credit unions serve businesses and consumers
with innovative solutions.
Founded in 1983, Intuit had annual revenue of $2.67 billion in its
fiscal year 2007. The company has approximately 8,000 employees with
major offices in the United States, Canada, the United Kingdom and other
locations. More information can be found at www.intuit.com.
Intuit, the Intuit logo, and QuickBooks, among others, are registered
trademarks and/or registered service marks of Intuit Inc. in the United
States and other countries.
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