Nationwide, the economy has recovered fairly significantly, and that has put many small businesses in a position to really succeed and work toward new goals for what could be the first time in years. As such, it’s not surprising that a number of polls have found that owners of these independent companies are now feeling much better about their chances for growth in the near future.
Today, 26 percent of small business owners plan to increase capital outlays, and only 6 percent believe that they might have to go through a round of layoffs at some point in the coming calendar year, according to the latest Small Business Economic Survey from California-based Union Bank. In the same poll last year, only 23 percent of owners said they planned to spend more to help their companies grow, while 9 percent believed that they would have to cut their workforces.
“These results reflect the optimism we’ve seen among small business owners as they continue to generate new business and expand, but with an eye toward restraint given past economic challenges,” said Union Bank executive vice president and head of business banking Todd Hollander. “At this juncture, stability is key as most entrepreneurs inch forward in terms of capital spending – business owners are ready to invest in their businesses, and we remain ready to help with products and services tailored for them.”
Good feeling about the broader economy, too
In addition to feeling better about their abilities to expand their businesses, many owners surveyed also think the national economic situation is going to improve as well, the report said. For instance, while just 41 percent feel as though the economy is headed in the right direction, that number is up from just 31 percent last year, and 25 percent in 2012. On a more granular level, nearly half believe their individual states’ economies are moving in the right direction, up from 41 percent in 2013 and 34 percent two years ago.
Owners who are still a little bit worried about how their companies will be able to expand in the coming year might want to consider the ways in which cutting their costs for small business insurance might be able to help them. For instance, finding more affordable liability insurance could end up saving an enterprise as much as a few thousand dollars per year, which can then be devoted to other aspects of the company.
