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Tuesday, March 17, 2009

Impacts of the economy on small businesses

Merchant Circle recently conducted a Small Business Economic Survey which revealed a very sobering view of our economy. Of the over 8,000 respondents, the majority employed 5 or fewer staff. These small businesses are seeing a moderate decline in revenue and feel that the most important 'stimulus' needed is to have more tax and business breaks to ensure long term viablity. Lowering costs, retaining good staff and soliciting good customers are critical for small businesses.

From an insurance perspective, small businesses may benefit from choosing a Trusted Choice agent who can provide a choice of coverages from multiple companies. Higher deductibles will reduce the total premium and may be a good way to lower costs in the near term, until the good times are rolling again!

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