Despite the recent downturn in the economy, studies show that small business owners have managed to keep a positive outlook. In fact, according to the 2011 Year-End Economic Report by the National Small Business Association (NSBA), 75 percent of small business owners are confident about the future of their companies.
Hopeful Stats for Small Business Owners
Within the past six months, the number of business owners who are expecting a recession decreased by 30 percent to 14 percent in the current survey. To continue this upward trend, 20 percent of small business owners actually predict economic expansion in the next year, a percentage that is up from 12 percent six months ago.
According to Todd McCracken, president of the NSBA, real growth is in store for the small-business community despite the difficulties that have occurred in the past several years. Additionally, McCracken states that, although things are far from where they need to be, small businesses are turning an economic corner for the best.
Revenue Growth at Three-Year High
Research has also shown that revenue growth among small businesses is at a three-year high, since 46 percent of business owners reported growth and fewer companies reported decreases in revenue. While job growth has remained stagnant, only 23 percent of small businesses actually recounted a decrease in employment, which is the lowest rate in three years.
Latest Concerns for Small Businesses
While optimism abounds for small businesses overall, owners still have some concerns for policy-makers. Forty-four percent of small business owners named reducing the national deficit as their main concern, followed by reducing taxes and regulations and improving the cost of health care. Among these issues, small companies are the most concerned about the effect that regulations will have on their businesses, which is up from 31 percent to 40 percent.
In the midst of a difficult economy, small business owners remain optimistic about the new year, despite the fact that the recession is still in effect. However, this optimism is not without several concerns, which are seemingly on the rise for companies across the nation.