Small Business Confidence is High for 2018

Hello Readers! I honestly believe in synchronicity, which in simple terms is timing meeting opportunity. Since you are here on my blog looking for advice about starting your small business, or learning to promote the one you have the right way online, here is a boost for you and proof that our timing on getting together is just right.

I have been the editor for for two years and this is the post I wrote this morning. I was so happy to see the bright forecast that I wanted to share it with you.

Below is an excerpt from the article I wrote:

The following is a rundown of studies, reports, and polls of business owners and entrepreneurs and their forecast for 2018. The financial weather is looking awfully bright! According to the Fall 2017 Bank of America Business Advantage Small Business Owner Report nearly three-quarters of entrepreneurs are optimistic their 2017 year-end revenue will surpass 2016 revenue. Confidence in the economy also surged as nearly half of business owners expect their local economy and the national economy to improve in 2018.

Small Business and Entrepreneurial Confidence is High for 2018

According to the report, 92 % of small business owners indicated that a positive economic environment is a critical factor to their ability to grow. Other growth factors include customer demand (93 percent), the ability to attract and retain quality employees (76 percent), favorable government policies (76 percent) and access to capital (63 percent).

“Entrepreneurs continue to be upbeat about future economic growth as they set their sights on 2018,” said Sharon Miller, head of small business, Bank of America. “Small business owners are optimistic about their ability to close the year strong and the outlook for the economy in the year ahead. However, these surges in small business owner confidence have not yet translated into plans for long-term growth.”

successful mindset

The report also revealed that entrepreneurs in urban areas have the most dynamic business outlooks and plans for growth, while their rural counterparts are more upbeat about the economy. Specifically:

Fifty-seven percent of urban entrepreneurs plan to grow their business over the next five years (vs. 50 percent of their rural peers).
Fifty-two percent of urban business owners are confident that their revenue will increase in the coming year (vs. 47 percent of rural entrepreneurs).
Twenty percent of urban entrepreneurs plan to hire in 2018 (vs. 15 percent of rural business owners).

You can read the full text of the post here.

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