To succeed in today’s “unpredictable economy,” many small business owners have had to reinvent themselves and change the way they do business over the last five years, according to the recently-released Reinvention of Small Business Study, conducted by Sage North America, a leading provider of business management software and services.
The study results show that “business owners have not only had to reinvent their business model during the past five years, but have also made significant personal sacrifices to keep their operations afloat,” says Connie Certusi, executive vice president of Sage North America.
In the study, small business owners revealed what they are doing differently to remain relevant in today’s uncertain business environment:
- 42% of small business owners are working more hours each week than they did 5 years ago
- 72% are working longer hours and more weekends
- 40% are taking less vacation and time off
- 78% access work-related information when away from the office by using mobile technology
Financial Tip: One of the biggest mistakes small business owners and professionals make is that they fail to make all that hard work pay off by forgetting to provide for their own financial future. About a third of small-business owners do not have a personal or business retirement plan in place, such as a 401(k) or SIMPLE-IRA. According to industry expert Mary Quist-Newins, director of the State Farm Center for Women and Financial Services at the American College, the “lack of retirement planning by small-business owners is stunning because they ‘have no one else to rely on.'”
If you run a small business or professional practice, there is no time like the present to start planning for your own financial future. There are several low-cost and flexible plans available that can move you closer to your personal savings goal, help you attract and retain employees, and provide a valuable business tax deduction. You can get a new plan up and running in just a day, so don’t put it off any longer. Just give us call to ask us what type of plan may work best for you.