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Small biz not bugged by Y2K
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November 9, 1999: 4:53 p.m. ET
Survey finds majority of small business people confident they are Y2K ready
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NEW YORK (CNNfn) - Hey, hey, who's afraid of Y2K? Not the majority of small business owners, according to a new study released Tuesday.
A survey by Cleveland-based bank holding company KeyCorp (KEY) found that in spite of all the hoopla, rigmarole and ballyhoo over the Millennium Bug, most small business people said they are Y2K ready and compliant.
The nationwide survey, conducted in September and October by the public opinion research firm Wirthlin Worldwide, sampled more than 400 top-level executives from companies across the country with annual sales between $1 million and $5 million.
"Small business owners also are telling us it's a great time to be in business and that there doesn't appear to be any sign of a slowdown," Michael Butler, vice chairman, Key Small Business, said in a statement. "In fact, an overwhelming majority of the owners we talked to see their businesses growing significantly in the coming years."
Y2K, go away!
Fifty-five percent of the executives surveyed said they are not in the least bit concerned about Y2K and only 4 percent were very concerned.
Ninety-one percent said they are Y2K compliant, 81 percent have already tested for Y2K readiness and 43 percent are not concerned about suppliers being Y2K compliant.
On the economic side, 70 percent of the respondents reported revenue increases over the past three years, with 51 percent being the average. Sixty-six percent expect to grow their business in the next few years and 89 percent said they have a positive outlook for the new millennium.
In the technology sector, 60 percent of the executives said they invest in technology because it increases productivity. Twenty-five percent do not use the Internet and 28 percent do not use e-mail. Eighty-nine percent are cell phone users and 37 percent use laptops.
As far as lifestyle, a full 78 percent of the respondents reported working on their vacations and 61 percent would take a month off or more if they could. This compared to 18 percent who actually do.
And finally, when asked if they would do it all over again and start their own businesses, 80 percent said they would. Those who would choose not to retrace their steps cited government regulations as the biggest stumbling block. Others cited too much pressure, too much work, not enough time and too little return.
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KeyCorp
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