Optimistic Ownership: Small Business Owners are Confident in Outlook for 2017
Small business owners are optimistic about the coming year, however, they're an independent lot and are not willing to shift responsibility for growing their profits to the economy or changing political spectrum.
According to 42% of the business owners responding to the Small Business Scorecard Survey we fielded at the end of last year, the success of their businesses will be determined by how well they - and their employees - execute on the job. Just 27% told us that a strong economy will be key driver of growth, and another 17% noted that small-business friendly changes in the law will be primary contributors to increasing profits.
All in all, American small business owners have a positive outlook. 85% have a favorable view of the economy heading into 2017. A third of those surveyed told us they're expecting to grow the size of their company and fully 66% say that they'll be profitable this year.
"This is as optimistic as small business owners have been in almost two years, yet they're still realistic in knowing they have to be smart and efficient about running their businesses," said SurePayroll General Manager Andy Roe. "From what they tell us, that means bringing in more skilled employees, as well as managing cash flow and keeping their balance sheets in good shape."
This optimism is especially encouraging when taken in context with the impact small business has on the U.S. economy. According to the Small Business Administration, small business account for more than half of all U.S. sales, and they provide 55% of all jobs. It's also a sector with strong growth: the SBA also credits small businesses with the creation of 66% of all new jobs since the 1970s.