Small Business Owners Suffer Downturn, Don't Take It Out on Employees

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A recent survey of small business showed that although their revenue is down during the Great Recession, wages paid are actually up.

Core Business Services (Core), a leader in delivering small business accounting and financial services to Oklahoma for 15 years, recently released the results of its survey of their client’s revenues and profitability. Serving several hundred small businesses in Oklahoma, Core was able to glean important information about how the recent Great Recession has affected Oklahoma companies.

Highlights of the survey include the average revenues declining from 2008 to 2009 by an average of 7%. To their credit, business owner’s did not balance this on the backs of their employees, with wages for the same period actually increasing 4%. Combining factors resulted in a huge slide in net income for the companies of 43%.

“I think it speaks volumes about the character of Oklahoma businesses that they value their employees even in tough times,” said Christian Brim, CPA, President of Core. “It would be very easy to cut to the bone when things are bad, but these owners are committed not just to their customers, but to their employees, and their families.”

Core Business Services helps small businesses make and keep more of their money by providing a full range of accounting, financial, tax, and payroll services. With offices in Oklahoma City, Lawton, and Tulsa, they serve all types of small and medium sized businesses. For more information visit http://www.coregroupus.com.

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CHRISTIAN BRIM
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