Latest Small Business Research: The News is Not Too Bad”
If you’re a small business owner, you probably already know that things are not exactly hunky-dory in the business world, but that they are starting to get better. You know this from your own experience, and perhaps a few discussions with your accountant or tax advisor. However, it may be comforting to know that your instincts are probably right, and verified by a couple of recently released key research reports.
The National Small Business Association (NSBA) released their 2010 Year-End Economic Report this month and – as you probably already guessed – the news is mixed.
Small business owners seem a little more optimistic than they were six months ago. Almost two-thirds of them expect economic growth to be flat this year, and only 13 percent say they anticipate a double-dip recession. Two-thirds express confidence in their own firms and 15 percent say they are growing now.
A whopping 40 percent are reporting increased revenues, and for the first time since 2008, a majority of small business owners (54 percent) expect their revenues to improve this year.
The Small Business Association (SBA) also this month released their report on Small Business Lending in the U.S. Small business lending fell 6.2 percent last year, while large firm lending declined by 8.9 percent. I bet these numbers aren’t surprising to most small business owners.
Overall, the numbers report a mixed economic bag for small business owners across the board. Again, probably not earth-shattering news for business owners, but rather confirmation of what you likely are experiencing on a day-to-day basis. And, since it’s Friday, perhaps a good enough reason to celebrate!
Tags: economic recovery, economic report, employment data, National Small Business Association