A new nationwide survey by Citibank reports that 23% of small business owners went without pay for at least one year to keep their small business running – with the majority of respondants (54%) reported going without at least one paycheck.
“Business owners are wearing more hats, working more hours and taking less profit” to keep their businesses going, said Maria Veltre, Citi's managing director of small business. “They don’t sit idle, they’re asking, ‘What do I need to do to make my business grow?’ There is a level of sacrifice small business owners take for their businesses.”
Citibank also reports that of the 750 small businesses surveyed:
- 33% say their business is better than it was a year ago, up from 26% in January.
- 33% expect their business will grow by more than 10 percent in 2012.
- 78% have taken less profit
- 70% have worked more hours than usual
- 69% have used their own money to help the business survive