Despite stable business conditions, more Ohio business owners are sacrificing balance and flexibility in their personal lives, according to the results of a recent survey.
In March and April, Minneapolis-based U.S. Bank polled 3,220 small business owners with $10 million or less in annual revenue in the 25 states where U.S. Bank provides small business banking services, including Ohio.
Of those surveyed, 69 percent said the financial health of their business was “good,” “very good,” or “excellent”− up from 64 percent last year.
In Ohio specifically, more respondents described the financial health of their business as “good” to “excellent” than in years past− 68 percent this year versus 61 percent last year and 59 percent in 2010.
Nonetheless, only 25 percent of respondents reported higher revenue this year versus 27 percent last year.
Also, fewer businesses plan to add employees in the next 12 months. Last year, 23 percent of respondents said they planned to increase staff, but this year only 13 percent said they would do so.
Ohio lagged behind overall averages for higher revenues and hiring, as 29 percent of all the survey’s respondents reported higher revenues this year over last year, and 34 percent said they plan to increase staff in the next 12 months.
Overall, respondents said their work/life balance is mostly unchanged from last year. More than half said they can take time off whenever they want.
In Ohio, however, exactly half of respondents said they can take time off whenever they want (down from 53 percent last year).
Additionally, just 42 percent said they have plenty of time for family and friends (down from 50 percent last year), and 44 percent said business is their life and life is their business (up from 37 percent last year).