The lousy economy is literally making small business owners sick, according to one management consulting firm.
A random telephone survey of 713 small U.S. business owners found that more than half have experienced negative health effects, both physically and mentally, since the economic recession began. Meanwhile, 27 percent do not have the financial resources to weather the next quarter, according to the study done by Park Ridge, Ill.-based George S. May International.
About 80 percent of the respondents said their company may not survive unless economic conditions improve within nine months, while 16 percent gave a limit of three months and 4 percent, six months.
The survey also found that 41 percent of small business owners said they didn’t taken a salary in 2009 in order to stay in business, while 20 percent had to pull money from their personal 401(k) accounts. About 80 percent said they reduced the number of employees at their company.
The survey, conducted between Jan. 25 and Jan. 27, was of randomly selected businesses across all industries with revenues between $750,000 and $100 million and more than 10 employees.
