Friday, August 22, 2014

Home News Workers take the hit for struggling small businesses

Workers take the hit for struggling small businesses

Industry News

Owners have saved the most money by cutting payroll.

| September 14, 2010

Small businesses' profit margins may be increasing, according to data from financial analysis software company Sageworks, but this isn't exactly good news.

The company's latest figures show that while profit margins increased by 5.13 percent over this time last year, sales are down by 6.46 percent. This means, according to Drew White, chief financial officer of Sageworks, that a small business' success is being driven by expense containment, not revenue.

"Small businesses have to work very hard to make a profit," White says. "They have to carefully manage expenses if they want to stay in business."

Sageworks aggregates small-business industry data from the CPAs and accountants in its subscriber base. The accountants, in turn, use the benchmarking data to compare their own clients to industry peers. Financial data from more than 233,000 companies was used to compile the latest figures.

Click here to read the rest of the story.

 

 

 

 

Top news

This wasn’t built in a day

Start small if you are thinking about adding design/build services to your portfolio.

Equity company purchases The Dwyer Group

For the second time, The Riverside Company has acquired the Texas franchising company.

The power of personal relationships

Total Lawn Care tailors a customer-friendly approach to lawn care.

The big job

Follow these tips to be better prepared for snow management on large sites.

Hunter hires new product manager

Kowalewski joins Hunter to support its micro irrigation business segment.

x