| Joseph Byrne Wednesday, March 13, 2013 |
There is no question that the financial health of the country is in serious jeapordy. And, with the new jobs report not really all that flowering in its news, there is little to be all that happy about. Long Island businesses have had their fair share of troubles as well with Hurricane Sandy, businesses moving, and a smaller workforce. But, not all is doom and gloom.
There is an Increased optimism about local and national economies, and better financial health compared to 2011. These concepts were some of the key findings revealed by small business owners and executives on Long Island, who recently participated in a telephone study sponsored by Bethpage Federal Credit Union and conducted by Stony Brook University Center for Survey Research.
In the 2nd Annual Bethpage Long Island Small Business Survey, 603 small businesses with annual revenues up to $10 million spoke out frankly about topics ranging from the personal aspects of business ownership to thoughts on expansion versus downsizing.
Throughout the meeting there was great optimism for the overall business outlook on Long Island. So much so that almost a quarter (24%) said it was very likely they would expand in the next five years, up from 19% in 2011. When asked about hiring plans for 2013, 24% expect to increase staff, up from 16% in 2012 and 11% in 2011, and 69% of owners would encourage their children to start a small business.
This is all great news for those who are still suffering through a hard economic time in their own business.
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