Business owners are more optimistic than any time in the eight year history of the U.S. Bank Small Business Annual Survey.
- Owners are seeing revenue growth, preparing for capital investments and modestly adding staff, even though 61 percent report having difficulty finding quality employees.
- The positive sentiment is exemplified by the owners’ self-assessment: 80 percent of those surveyed describe their own business as strong, another historical high for the survey. In addition, 38 percent report higher revenues, more than at any time in the past eight years.
- With the 2016 election complete, 18 percent of small business owners feel that the economy is in an expansion, up from 9 percent a year ago.
- Owners expect the trend to continue, with 28 percent predicting the economy will be in an expansion by early 2018.
- Four out of 10 owners said they plan to make a capital expenditure to expand their business in the next year. One fourth also expect to increase their staff, despite the challenge of finding skilled workers.
- Ninety-three percent say they’re satisfied with the balance between their work and personal lives, while fewer owners (85 percent) are satisfied with their wealth and savings derived from their small business.
- A robust 96 percent of owners are satisfied with how their business improves the lives of others.
The survey of 3,200 small business owners within U.S. Bank’s 25-state national footprint was conducted in January and February 2017. Respondents all had less than $10 million in annual revenue, with half under $200,000.
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