Has the recession finally over? Um, not yet, I suppose. However, things are looking better in the eyes of small business owners, survey finds.
According to the most recent report released by the National Small Business Association (NSBA,) the overall economic outlook among U.S.’ small business owners is improving.
The 2013 Mid-Year Economic Report, conducted online among more than 1,100 small business owners, shows that 40 percent of small business owners said today’s economy is better off. This figure is the highest in the last five years.
However, the positive outlook on the economy is not followed by the same optimism when it comes to their businesses. Although 59 percent of respondents said that their business is growing and expected for their business to grow next year – a jump from 50 percent 6 months ago – job growth and revenues/profits remains stagnant, at best; access to financing also dropped – only 65 percent of small businesses said they are able to obtain financing, a decline from the figure six months ago, 73 percent.
Not stopping there, small business owners also need to address their top two concerns; health care reform and taxation remain major sources for concern and confusion: The report reveals that only one in five small business owners say they fully understand how the new health care law will impact them; in taxation, the figure is also not encouraging – 43 percent reported that they have been the subject of an IRS audit or follow-up action in the last 10 years.
It seems that the issues facing small businesses remain the same – it almost like a routine for a small business owner to face growth issues, difficulties in securing adequate financing and unfavorable regulations.
So, are there ways to get out of the rut? Yes, there are; the NSBA mentioned them in the Conclusion section of the report.
The NSBA stated that “small businesses simply need the environment to grow and create jobs: economic stability; predictability; fairness and transparency in taxes and health care costs; common-sense regulations that don’t unfairly disadvantage small firms; and lawmakers willing to tackle the major issues facing our country, and to do so together.”
In my opinion, of all mentioned above, the emphasis is on “to do so together.” In the press release, the NSBA Chair David Ickert say, “A unique and very disappointing finding from our survey: the number one issue small business wants our elected officials to address isn’t even a policy imperative, it’s for them to end the partisan gridlock and work together.”
It’s certainly challenging, but there’s still hope.
Photo credit: Baker County Tourism
