The economy is still showing continued growth and so far, most of the news and expectations are good. On the small business community side there is also optimism as recent data show most small business owners have a good outlook for the future.
According to one survey by TD Bank optimism is high among small business owners, with revenue and staff growth on the mind of many in the U.S. The survey also found that 53% of small businesses planned to grow in 2018, up from 46% in 2017. The number of small business owners planning to recruit more staff increased from 9% to 22% in the same year.
The survey compiled data from 578 small business owners and decision makers. All the companies referenced were of an annual estimated income of less the $5 million. To get an objective view, there were many industries represented such as construction, IT, retail, health care, finance, manufacturing, social services, and real estate among others.
Most of the respondents said that in order to sustain growth they have applied for credit during the last 12 months, with 71% of the respondents reporting confidence that if they did apply for credit, they would be approved while only a few, (16 percent) saying they have been declined credit in the past due to their revenue being too low.
Businesses are in a general growth mode and borrowing money to sustain that growth only ends up stimulating the economy.
There is also a growth in flexible working arrangements with nearly half of small businesses operating from home.
The one area in which the confidence level among small business owners is lower has to do with marketing. Just 30% of small business owners are feeling extremely confident about the marketing tactics of their small business venture.
Over all the sentiment continues to be good among small business owners. Confidence is high, and the outlook is good.