Management consulting giant George S. May International just released a survey indicates small business owners are sick over health care reform. Literally.
May interviewed 713 owners of small businesses (companies with less than 100 employees) to get their opinions about the economic recession, health insurance for their employees and the future of their operations. More than 50 percent of respondents indicated that they have experienced “negative health effects” – both physically and mentally – since the recession and resulting debate in Washington started. Another 27 percent of small business owners surveyed said they do not have financial resources or sources of bank lending to keep their businesses afloat during the next quarter.
Further investigation of the data concludes that 80 percent of all business owners who responded give their businesses only 9 months until they could be forced to close their doors. Although the results of the survey show small business owners aren’t all that optimistic about the future, Paul Rauseo, managing director of George May, indicated that there are options for affordable health insurance for themselves, group health insurance for their employees and banks ready to lend. But business owners need to be willing to stick it out and seek advice when it’s necessary.
“Small business owners can be victims or victors,” said Rauseo. “And, we’re here to show them that they can, in fact, be victors if they start paying attention to the business side of the business and reach out for management help.”
Some entrepreneurs are taking extreme measures to keep their businesses afloat. The survey showed a little less than half of business owners surveyed had not taken a salary last year, 20 percent were using money from 401Ks to pay business expenses and 80 percent laid off employees during 2009.