CHARLOTTE, N.C. (AP) — Black Friday just isn't that big of a deal for small businesses, a new survey shows.
Ninety-one percent of the 1,003 small business owners surveyed by Braun Research on behalf of Bank of America said that the day after Thanksgiving, when many large-store chains advertise deals to attract shoppers to their stores, has either no impact or a minor impact on their bottom line. Just 1 percent of those surveyed said that they needed Black Friday to stay in business.
In addition, 81 percent of the business owners said that Cyber Monday, when Internet retailers have special offers to entice people to spend online, is "overhyped " and has no effect on their profits.
The survey, which was done by phone between Sept. 9 and Oct. 7 and has a margin of error of plus or minus 3.1 percent, polled owners of businesses with annual revenue of under $5 million and between two and 99 employees.
Seventy percent of those surveyed said they had enough cash to run their businesses and 84 percent said that their most recent application for a business loan was approved, countering concerns that small business owners haven't been able to get access to needed credit in recent years.
The survey also found that 54 percent of business owners expect their revenue to increase in 2013. Another 38 percent expect revenue to stay the same, while just 7 percent expect revenue to fall.