For many, the new year offers the opportunity to start a new and make big changes. That is no different for small business owners, but in light of the current economy, the choice of changes and focus has to be made with quite a bit of haste and thought. So what are small business owners perspective on 2013 and what are they planning?
Visa’s last Small Business Spend Insights survey gives insight into exactly what small business owners are expecting in 2013 and how they are planning to spend their time and dollars. Here’s what the survey found:
- Small Business Owners Maintain Cautious Optimism. Despite growing confidence that they will see increases in revenue and profits, economic concerns continue to fluctuate among business owners with recovery from recession topping the list.
- Business Owners Anticipate They Will Invest In Their Business. Small businesses plan to increase spend and activity in advertising and marketing. Plus, they expect to increase levels of capital investment and inventory to support anticipated growth.
- Small Businesses Seek Financing To Support Their Growth Plans. Optimism about growth for their businesses is tempered by the reality of increasing energy costs and tighter banking restrictions.
- Rising Costs and Attracting New Customers Top Individual Concerns. Cost of health insurance, attracting new customers and rising taxes weigh heavily on more than 50 percent of small business owners surveyed.
What are you expecting for 2013 and what plans do you have for your small business?