Revenue Growth Boosts Small Business Outlook
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- On September 15, 2017
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The National Small Business Association (NSBA) is the United States’ primary small-business advocacy association. This organization has been representing small-business’ in Washington, D.C. for the past 80 years and focuses on federal advocacy.
The 2017 Mid-Year Economic Report (administered on-line during July 24 – August 14, 2017 with 1,134 small business owners) shows an overall improvement in outlook for small businesses. According to the data compiled, 45 percent of small businesses say that today’s economical conditions have improved in comparison to six months ago (the highest this indicator has been in the last nine years). Furthermore, more than half of small business owners believe that today’s economy has enhanced in comparison to what it was one year ago (the highest this indicator has been in nine years).
The below text discusses key points derived from the National Small Business Association 2017 Mid-Year Economic Report.
• In terms of economic outlook, there was a measurable decrease in the number of small businesses forecasted economic expansion in the next 12 months.
• Health care costs are one of the most important obstacles that small business’ need to overcome in order to survive as well as sustain future growth.
• In terms of business growth, looking to the next 12 months, two-thirds of small businesses foresee revenue growth, which is the highest it’s been in nine years.
• The number of small firms reporting growth in revenues over the last year marginally decreased in comparison to six months ago.
• In terms of job growth, almost half of all small business owners raised employee wages and more than half expect further salary increases in the coming year. As a matter of fact, 84 percent of small firms either gave raises in the last year or plan to do so this year.
• In terms of small business financing, more small-business owners today claim that they can obtain sufficient financing in comparison to just six months ago.
• There was a marginal increase amongst enterprises that had to lay off employees as a result of failure in acquiring financing.
• The average interest rate on business-related credit cards stayed practically unchanged at 14.16 percent.
• In terms of energy and environment, virtually one-in-five small firms claimed environmental permitting has impacted their capacity to manage and advance their business.
Small employers encompass 99.7 percent of all employer enterprises in the U.S. In fact, one in two workers in the private workforce own or work for a small business, and one in four individuals in the U.S. is part of the small-business community. Small businesses are critical to encourage long-term growth and development in the U.S. At National Business Helpers, we help small business achieve their goals every day by offering the most competitive small business loans available anywhere. With small business optimism at a record high, the time is now to invest in your small business and position your company for maximum growth.