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Two Scoops or One: Is Your Business Ready for a Double-Dip Recession?

Two Scoops or One:  Is Your Business Ready for a Double-Dip Recession?


As the odds grow daily that the U.S. economy will sink into a double-dip recession , a new survey shows that small-business owners believe they’re ready to weather the storm.

The vast majority of small-business owners (90 percent) remain concerned about the economy . That concern may be due, in part, to a feeling of direct involvement in the state of the nation's economic health . Of the 1,000 small-business owners interviewed in the new Citibank poll, 66 percent said they feel very responsible for the nation's recovery, and 28 percent said they feel somewhat responsible.

Nine of every 10 said they were concerned about the possibility of a double-dip recession – another U.S. economic downturn just two years after the last one ended – but nearly eight of 10 (79 percent) also said they feel prepared for it.

Furthermore, small-business owners felt they're poised for growth in 2012. More than a quarter (28 percent) said they were already growing, and 49 percent said they are "holding their own, but poised to grow when the climate is right."

One in six (17 percent) is backing up that optimism by increasing the business's head count, while 78 percent plan to keep the same number of employees.

"It's encouraging that small businesses feel prepared to seize the opportunity for growth when it presents itself," said Raj Seshadri, Citibank's head of small-business banking. "The underlying message here appears to be that small-business owners are preparing themselves for a more sustainable growth path and are not expecting any type of quick fix or change.

"What's also interesting to note is the vast majority feel they will play a part in our economic recovery."

For the majority of small-business owners, it's also a part of participating in the American Dream. More than four out of five (83 percent) said owning a small business helps them fulfill the American Dream. That means being able to afford the lifestyle they want (73 percent) and being able to save and plan for the future (72 percent).