Small Business Owners Are Highly Optimistic about 2017, Outpacing the General Public
More Than Half Planning to Hire,
Majorities Looking Ahead Favorably at New Political Landscape and the Job Market
Owners Looking for Ways to Minimize Taxes and Build Emergency Funds
Small Business |
Americans Age 30 |
|||
Expect financial situation to improve in the coming year | 60% | 43% | ||
When asked about financial expectations for their business in 2017, 60 percent of small business owners are optimistic compared to 43 percent of Americans age 30 and over, who were asked the same question about their personal finances in a study
- Technology – 75%
- The new political landscape – 57%
- The employment market/talent pool – 56%
- Interest rates – 54%
- Health insurance – 53%
“Small business owners are heading into 2017 with good feelings, and this was consistent across size and years in business,” said
Small Business Owners Are
Plan to incorporate mobile technology in my business | 66% | |||
Plan to network more with other business owners and/or professionals | 64% | |||
Plan to grow my company- e.g, open another location, increase revenues, expand capabilities, etc. | 62% | |||
Plan to seek additional capital | 55% | |||
Plan to hire more employees | 52% | |||
Plan to improve my employee benefits package | 49% | |||
Plan to take out a loan | 46% | |||
Some of the key planning steps (financial and otherwise) that small business owners are interested in taking throughout 2017 include:
- Learning about ways to minimize taxes – 79%
- Taking a family vacation – 75%
- Learning about ways to build an emergency fund – 71%
“Small business owners have big plans for 2017, with many looking to incorporate tech, seek capital, hire, improve offerings to employees and explore ways to better manage their money,” said Madgett. “We’re hearing positive economic sentiments across the country in our conversations with small business leaders. With this shift in attitude comes a renewed interest in financial planning and is no wonder that 55 percent report they plan to engage a financial professional for assistance as it relates to their business needs in 2017.”
About the Survey
These are findings from an Ipsos poll conducted
About
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/17/16. For methodology, please see http://fortune.com/fortune500/ .
**Individual independent rating agency commentary as of 8/9/16.
***New York Life Investments is a service mark used by
View source version on businesswire.com: http://www.businesswire.com/news/home/20170118005788/en/
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Source:
Global Insurance Industry Market Briefing 2017; New Report Launched
Housing Opportunity Through Modernization Act of 2016: Implementation of Various Section 8 Voucher Provisions
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