With the election behind us and a new year around the corner, business owners are upbeat, according to a new survey. The 2017 Small Business Outlook showed 82 percent of small-business owners are planning growth in 2017, a strong sign for overall economic health. The survey of more than 1,000 small-business owners was commissioned by Insureon‘s Small Business Institute (ISBI).
Despite overall positive findings, the survey did uncover a disparity in plans for growth between men- and women-owned businesses. Among women owners, a quarter have no growth plans. At men-owned businesses, the figure is just 11 percent.
Broadly, respondents are planning the following for 2017:
58 percent: buying new equipment or furniture; 34 percent: selling a new product; 33 percent: hiring an employee; 30 percent: offering a new service; 23 percent: moving to a new location.
“The ISBI is dedicated to raising awareness about issues and trends that affect the most important part of the U.S. economy – small businesses building a future for their families,” said Ted Devine, Insureon’s CEO. “It’s encouraging to see that, post-election, the majority of these leaders are optimistic and have growth plans for 2017.”
Conducted the week of November 13, the survey’s findings serve as a barometer of small-business owner optimism and plans for the future.
“The nation’s smallest businesses have always been a key economic driver,” Devine added. “They’re responsible for creating 63 percent of new jobs in the private sector. That this group is poised for expansion is a good sign.”
He also noted that with growth comes increased risk exposure, and that small businesses should update their risk management protocol, including insurance policies, as they expand.
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