Growth During Recession? Small Businesses Say "Yes!"
Intuit Survey Reveals Small Businesses Bullish on Growth, Despite Economy
MOUNTAIN VIEW, Calif. – 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.
Product Press Kits