Business Owners Lack Confidence, Preparation
Only four in 10 business owners realize it is very important to know what their business is worth right now.More than three-quarters (77 percent) of business owners say they started their companies to provide financially for their families, yet despite these good intentions, less than half feel confident with their current personal financial situation. More than a quarter (28 percent) say that it is all they can do to keep up with everyday business expenses, let alone think too much about their future. This disparity is among the key findings of Massachusetts Mutual Life Insurance Company's (MassMutual) new study, "Business Owner Perspectives: 2011 Insights in an Uncertain Economy," a survey of more than 1,600 business owners in the United States. The study looks at business owners' thoughts about both their personal and business finances and includes multicultural and women business owners, two fast-growing groups in the U.S.
"Entrepreneurial businesses are vital to our economic recovery, so it is concerning that so many business owners seem to be sacrificing their own and their family's financial future," says Tara Reynolds, corporate vice president of consumer and product marketing at MassMutual. "With help, business owners can look past the seemingly overwhelming day-to-day demands of running their businesses and establish and meet their long-term financial goals."