The economy is down, but not everyone is along for the ride.
Small business owners are finding creative ways to cut costs when staring into the face of rising energy costs and an economic downturn, according to award-winning hosted business phone system RingCentral.
Small business owners and entrepreneurs across the U.S. participated in the survey, revealing that the majority of small businesses (59%) remain productive while cutting overhead costs or otherwise changing business practices in response to the economic downturn and rising energy costs.
Other interesting survey results:
- 70% of small businesses said rising gas and energy prices have impacted the cost of doing business, causing them to change business practices.
- Almost 40% of small businesses are cutting back on office space and having employees work from home.
- 24% are telecommuting rather than driving to work.
- 37% are reducing business travel due to the economic downturn.
With the move toward telecommuting, communication remains a key to success. The majority of small businesses (66%) said the telephone was the most important business tool, with email (63%) coming in at a close second, according to the survey. Half of the responding small businesses say they are conducting more meetings virtually versus in person.
As small businesses rely more on email and virtual meetings rather than face-to-face communication, marketers will also have to find new and creative ways to reach small business customers, wherever they may be working.