Survey: Gas Prices Hurting U.S. Small Businesses

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Survey: Gas Prices Hurting U.S. Small Businesses

PHOENIX -- More than 85 percent of 5,000 small business owners polled in May expect a change in revenue as a result of increases in gas prices, with most of them already feeling the pinch, according to a survey conducted on

According to the results of the poll by DollarDays International, an Internet-based product wholesaler to small businesses and local distributors: 86 percent expect a negative effect on their revenue as a result of increased gas prices, with 71 percent already seeing a change. More than 80 percent also say they are very concerned about how these prices will affect their bottom line; 86 percent say it's getting harder to be a small business.

"Gas prices are already outrageous and we're headed in to the summer and hurricane months where prices typically increase. Its no wonder that small business owners are worried," said Marc Joseph, president and CEO of DollarDays and author of "The Secrets of Retailing or How to Beat Wal-Mart."

"Small businesses are the backbone of the economy so we're helping our clients to better merchandise and market their companies to make up for decreased revenues. It's a scary time."

According to AAA figures released at the end of May, gasoline prices were at a record $2.93 nationally, 34 percent higher than a year ago.

According to the survey: 31 percent of small business owners will have to lay off employees if their revenues continue to change; 5 percent of employers are offering financial supplements to help their employees as a result of increased gas prices.

More than half of the businesses will suffer if tourism decreases and 71 percent said they have changed their personal travel plans as a result of gas prices.