A recent study conducted by Angus Reid Strategies shows that 70% of small business owners are confident about the progress of their business, despite the downturn economy.

That optimism is helping them deal with some of the sacrifices they're making to protect their businesses: about a quarter of businesses owners have stopped taking a personal salary, 34% have invested their personal funds to support their business, and almost half (48%) have cut back on personal spending to create additional cash flow flexibility.

Small business owners say they are also spending more time managing their existing customer relationships and doing more to offer greater value to their customers. Many are rethinking their product offerings and innovating product lines to stay ahead of competitors.

The survey also shows that business owners continue to take moderate risks by investing in their business. More than half (52%) said they were making investments in new equipment or other capital expenditures, while a third said they were using personal assets to cover costs. About 30% are using a line of credit or back loans to pay creditors and 18% have extended payment terms for customers.

What do you think? Were you forced to make personal sacrifices to help your business in the past 6 months? Did you have to invest in new equipment or make more changes to your products to stay ahead your competitors?