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Citibank Small Business head Jerome Byers on a survey of small businesses’ concerns about the future of their business as well as the economy.
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Statistic for you 85% of small business owners believe the economy could experience another downturn.
What is behind the gloom hanging over small businesses anything to around buyers is the head of Citibank small business and he joins me now exclusively.
Which is sad reading on small business welcome -- around so we've been talking a lot about small business and how they were specially her really since financial crisis years ago.
So so what's new but what's striking about your latest survey.
Well -- just a couple of things small businesses continue to worry about.
Improving sales.
Managing cash flow and really they worry like everyone else about how to improve consumer confidence so I want -- other interest in fact.
-- -- contracts protecting it.
The other interest in fact is small businesses are doing the things they need to do.
To continue to reinvent themselves and find ways to keep their businesses go.
What I was gonna follow up with huge around was this statistic 70% of small business according to Citi survey.
Have giving cash extensions.
To their customers and clients that suggest he touched on is a significant cash -- he tell me more about.
We know that consumer spending is under pressure but tell me more about how it's hurting at the small business level.
Sure our.
Our economy has not improved yet and as we talk about cash flow the you know the thing that you want is predictability.
When consumers are hurting.
Businesses need to do what they need to do in their communities to help their community stay afloat.
You know I think the approach that small business owners are taking is is rather heroic right there -- big part of the American economy.
And they know they have to do what they have to do to stay afloat and help their customers.
Now on a brighter note -- slightly better business conditions reported this year vs a year ago.
Is it a meaningful improvement.
How much more room.
Tying do you think what needs to be done to get full confident.
I would say the improvement year over year is meaningful it is driven by about 42% of our small business owners.
Actually think they're gonna meet their sales plan.
What's what it's gonna take to get more improvement is continued confidence or certainty.
Around consumer confidence.
OK so we keep -- our confidence and uncertainties are -- buzz words.
What does that mean politically this small business community in your view on from politics -- -- leaning toward Romney or Obama.
I know I do use the word certainty.
Not sure where the communities -- too small business really are looking for I think after the election whomever is in there.
Where they are looking for OK now we have a certain path.
There is some money using this quarter over quarter.
It from small business owners it's really looking for that.
What are what is going to be the outcome of the election -- -- Little -- -- this is specifics easier credit availability.
You know later restrictions and regulation ends.
Yeah well a -- of the top three things they're looking for truthfully is hey how can I grow my own sales.
And what is it gonna take to help us get.
Confidence back up in Spain -- -- is that really easier access to capital as it did that I'm just trying to get some details here.
Yeah I think it is it's really.
What -- understanding.
What is it gonna take to get the confidence up.
I think you know this is the second time we've done this survey this year -- and access to capital has not made the top five concerns for small business -- -- I think national -- We're at a time -- thank you for for joining us and sharing the survey -- strong -- Citi.
And again --
