April 26, 2012
Bethpage Federal Credit Union Small Business Survey
Bethpage Federal Credit Union sponsored a survey of over 600 Long Island small businesses to assess their attitudes to the health of their business, optimism about the future and plans for expansion, business conditions in the nation and on Long Island, and confidence in local business leadership.
In addition to small business executives, one of the novel and significant features of the study was also a dedicated set of questions for business owners exclusively on the unique challenges and rewards of owning a small business.
In this report, we refer to the survey respondents collectively as business executives, a term that covers a mix of business owners, the company president, CEO, VP, director, manager, and administrator, with the exception of the dedicated "owners" set of questions. The sample includes 612 small businesses with annual revenues up to $10 million. The survey was conducted in the last quarter of 2011.
Overall, there are signs of modest growth and a glimmer of optimism for 2012 among small business executives on Long Island. Business conditions are seen as better on Long Island than in the nation as a whole and there is far greater confidence in local business leaders than in national or local politicians. Small business owners believe that the benefits of business ownership continue to be strong despite difficult times for national and local economies. Most Long Island small businesses rate their current financial health as at least good, however access to credit remains a problem. Most companies expect to retain or expand their workforce and increase or maintain sales and prices in 2012, an improvement over 2011. The spirit of entrepreneurship is alive and well on Long Island; most small business owners are very positive about owning a small business and would encourage a family member to own one.