Small Business May See A Turn Around
With the biggest increase in small business prospects in three years, three out of four small business owners say they feel confident about the future of their business. Is our country starting to emerge from the tunnel, and move back towards the light of economic strength?
“Despite some cyclical ups and downs we’ve seen in the past several years, this report indicates real growth for the small-business community,” said Todd McCracken, NSBA President, on Fox Small Business News. “Although we are far from where we need to be, it appears that small businesses have turned an economic corner.”
Small businesses have also reported revenue growth higher than any point in the past three years, from 39% to 46%. However, job growth remained largely unchanged over the past three years.
That also means job loss has remained steady for the past three years, as well. Although many business owners expect stagnation in the next year, it can’t hurt to secure a business against possible loss.
Business owners should make sure that they are doing what they can to get their small businesses noticed. Online training firm Fox Business Solutions mentions that getting noticed isn’t too difficult with the right marketing strategy.
As a recent company blog post states, small businesses can easily improve their visibility by “using affiliate marketing techniques such as blogging, social media, and Ebay marketing.” And every little bit of extra business exposure can help.
According to Bloomberg News, Chairman of the Federal Reserve Ben Bernanke also spoke positively of the economy. In his words, “The economy shows signs of improvement while remaining vulnerable to shocks.”
Bernanke also reinforced the importance of reducing the federal deficit to lawmakers. “To achieve economic and financial stability, U.S. fiscal policy must be placed on a sustainable path that ensures that debt relative to national income is at least stable or, preferably, declining over time. Achieving this goal should be a top priority.”
Bernanke finished by warning Congress about cutting spending and raising taxes too quickly, claiming that it would undermine the recovery.
When small business owners were asked what topic is most important to them, 44% said reducing the national deficit. It seems that small business is on the upswing. However, business owners must remain cautious. The economy is treading on thin ice, and a misstep could cost a small business a lot of money. Nevertheless, optimism from the Federal Reserve puts many Americans at ease knowing that at least the signs are pointing up.
