Small Business Owners Cut Back

Wells Fargo released a press release (June 25 2008) on the current conditions of today’s economy and how it has affected our small business owners.

The survey found that the economy is affecting small business owners’ spending and savings habits. Half of the business owners surveyed said they’ve postponed a major purchase in the past three months, and nearly as many (44 percent) said they’ve reduced the amount of money they’ve deposited into savings, checking or a CD. Thirty-one percent said they have reduced the amount they have contributed to a retirement account.

The release goes on to provide quotes from small business owners who voice their concerns; “In this economy, I’ve needed to cut back on both my personal and business spending,” said Laine Caspi, owner of Parents of Invention in Granada Hills, CA. “At times, I need to forgo personal purchases so that I can put more money toward business expenses.”

Click HERE to read the whole press release