survey: 40% of small business owners say their cpa provides little or no help

huge market opportunity for cpas, consultants who can boost profits, efficiency.

a new survey of 1,000 small business owners across the united states by management consulting firm george s. may international finds that 45 percent of respondents said their businesses are not profitable.

the survey also showed that 45 percent noted their accountant as the primary professional advisor they consulted for business help, while 20 percent noted “other” without specifying, 18 percent cited their attorney and 17 percent noted a management consultant.

but it’s alarming that only 60 percent said they are satisfied with their accountant’s help in making their business profitable, even though a majority of them are not profitable.  in fact, 65 percent said their business is worse off this year than in 2008.

sixty percent of all respondents cited the economy as the number one reason they are not profitable or as profitable as they could be.

“many business owners feel that the recession is to blame for all of their woes, but that’s simply not the case and is actually part of a bigger problem,” said paul rauseo, managing director of the george s. may international company. “there are plenty of small businesses making money in this economy because they are taking care of the business side of the business “controlling costs and increasing productivity.”

aside from the economy, 29 percent of respondents cited competition within their industry as the one number reason they are not profitable; while 10 percent cited company inefficiencies in sales, finance, operations or labor; and one percent cited management.

via http://www.georgesmay.com/

posted on july 9, 2009