California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

In a recent survey, 73 percent of small business owners claim that the economic
climate since 2007 has hurt them according to a monthly survey paid for by Discover
Financial Services.  Additionally, 21 percent said it had no impact and 4 percent
said it helped them.

Of those whose businesses were hurt, 41 percent think it will take more than a year
to recover, while 24 expect it to take six to 12 months, 11 percent said three to six
months and 1 percent expects to recover in less than three month. Only 2 percent of
small business owners said their businesses had already recovered.

When asked to choose the biggest obstacle small businesses face when hiring from the
following list, respondents answered accordingly:
• 28 percent -- Uncertain economic outlook
• 22 percent -- Not enough revenue
• 17 percent -- High taxes
• 7 percent -- Can’t secure loans
• 9 percent -- None of the above
• 2 percent -- Not sure.

The remaining 16 percent say they never intend to hire more workers.

I am Tim Johnson and this has been the California Business Minute.