AARP - Finance
For past year, small businesses made deep staffing cuts: Companies with 500 or fewer workers cut 430,000 positions in January, according to the latest ADP (ADP, Fortune 500) employment report, released Wednesday.
Small business employers are typically the last to cut jobs and the first to create them, which makes January's job-loss numbers a worrying omen for the rest of the year. Joel Prakken, chairman of ADP's research partner, Macroeconomics Advisers, doesn't expect improvement any time soon.
"We believe that for the first half of this year, the economy will continue to contract," he said. "There may be growth in the second half, but it will be sluggish."
Many small businesses are looking for ways to survive, but if their business product is not essential then the prospects are not good, a few are changing the way they work and seeking more customers or improving customers benefits.
Customers are the key to success, however until such time as some of the benefits of the financial stimulus plan produce money in customers pockets the future look bleak.
Generally speaking employees in small businesses are more flexible about the work they do and many are multi skilled and these are the kind of people who take matters into their own hands when redundancy threatens and set up their own business.
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