Small Business Owners Confident & Industry Conditions Strong: Survey Reports

///Small Business Owners Confident & Industry Conditions Strong: Survey Reports

Small Business Owners’ confidence is increasing.

A recent quarterly online survey conducted by CNBC and SurveyMonkey states that confidence amongst small business owners in the U.S. is up. More than 2000 small business owners were surveyed from July 27 to August 5 and 58 percent of the respondents claimed that business conditions are “good”. This is an increase from the previous quarterly survey that revealed 53 percent of small business owners felt business conditions are good. Additionally, during the same survey last year, only 39 percent of small business owners felt confidence in the business conditions.

There are also signs of growth throughout the small business sector; 33 percent of small business owners expect to hire additional full-time employees this year which is 7 percentage points higher than a year ago.

The survey asked 8 questions relating to current business conditions and future expectations. The 8 questions were the following:

  1. Overall, would you describe current conditions for your business as good, middling, or bad?
  2. In the next 12 months, do you expect your business’ revenue to increase, stay the same, or decrease?
  3. In the next 12 months, do you expect your business’ staff of full-time employees to increase, stay the same, or decrease?
  4. In the next 12 months, do you expect changes in government regulations to have a negative effect, no effect, or a positive effect on your business?
  5. In the next 12 months, do you expect changes in tax policy to have a negative effect, no effect, or a positive effect on your business?
  6. In the next 12 months, do you expect changes in trade policy to have a negative effect, no effect, or a positive effect on your business?
  7. In the next 12 months, do you expect changes in technological innovation to have a negative effect, no effect, or a positive effect on your business?
  8. In the next 12 months, do you expect changes in immigration policy to have a negative effect, no effect, or a positive effect on your business?

These 8 questions help gauge the current state of business conditions in the U.S. and it is encouraging to see that the majority of small business owners feel that conditions are “good”.

Here at Velocity Group USA, business has continued to expand as a result of these strong business conditions. The company also expects to continue hiring new full-time employees as it grows.

Want to learn more about the Alternative-Lending space or catch up on the industry-wide news? Check out some of our other blog posts here.

 

Sources: deBanked, SurveyMonkey

Summary

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