Please enter your username or the email address associated with the account so we can help you reset your password.
NEW YORK, Aug. 31, 2011—Newtek Business Services, NASDAQ: NEWT, The Small Business Authority with a portfolio of over 100,000 business accounts, announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of approximately 1,100 respondents, one of the key findings from the August survey was that 69 percent of small business owners do not plan on hiring. Two other questions in our survey support the findings of business pessimism. Most business owners, looking out on the horizon, are either pessimistic or neutral at best, regarding the overall business environment. Several business owners during the last 12 months have raised their prices or maintained them to fight off the effects of inflationary pressures eroding their margins. Business owners in an economy described as stagnant, need to improve their cash flows and bottom lines while continuing to look towards the only segment of their business where the market enables them to improve their cash flows.
Barry Sloane, President and CEO of The Small Business Authority commented, “Technology utilization needs to be embraced by small to medium sized business owners over the next several years. It is the only area where internal costs to run one’s business can be reduced as well as produce efficiencies in performance and production of one’s labor pool. There is no denying the trend of utilizing the cloud environment for computing and operating one’s business is far superior in costs, security and efficiency than what business owners are typically using today. The recent effects of Hurricane Irene would have had a diminished affect on business owners up and down the east coast if all of their business operations were administered and functioned in the cloud in a geography that was unaffected due to the coastal storm. The data would be secure, the businesses would be up and running, and commerce could continue. Businesses that had their server on premise with a local IT provider (not in a data center) have suffered the consequences of neglecting the positive gifts that the market offers it today.”
The full August 2011 results showed the following:
During the last 12 months, have you raised, lowered or maintained your prices for your products or services?
Do you plan on hiring in the next 6 to 12 months?
Regarding the business environment going forward, are you optimistic, pessimistic or neutral?
Do you plan on utilizing cloud computing in the next 12 to 24 months?
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and services:
Newtek Business Services, Inc., The Small Business Authority, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek™ brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today’s marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek™ brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek’s beliefs, expectations, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov.
Rubenstein Public RelationsTelephone: (212) 843-9335Contact: Liz Petrova / email@example.com
Thank you for signing up, please check your email for more information.