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New Survey Says Biz Owners Are Winning By Adapting

[ 0 ] Aug. 16, 2012 | SBO Editor

Four out of 10 small-business owners are reporting positive business conditions, nearly doubling since 2010, according to a new survey by Citibank.

The survey, which polled 750 small businesses across the country, reports that one-third of businesses are doing better than a year ago, with 33 percent expecting their business to grow by 10 percent this year.

Knowing that adaptation is key, more than half of owners said they have reinvented their business in order to stay open and competitive, with 38 percent of owners describing the competitive climate as “extremely intense.”

In order to stay relevant, 47 percent of business owners reported overhauling their products or services, 24 percent changed their infrastructure, 18 percent improved their strategies.  Only 7 percent decided to reduce pricing and take a cut in profit, and three percent chose to relocate.

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Category: Features