There’s something incredibly resilient about Americans, who despite downfalls, tend to remain positive about the country and its economic potential. Recently, reports showed increased optimism among consumers, with the consumer confidence index for May hitting a five-year high. According to a new Dell research study about small businesses, these sentiments are echoed by small business owners, and they are optimistic about small business growth.
The Dell study included 941 interviews with small business owners in 2012 and 2013. They focused on companies with under 100 employees, and took interviews from nine US cities – Miami, Atlanta, Chicago, San Francisco Bay Area, Los Angeles-Orange County, Austin, Philadelphia, Boston and Seattle. As a whole, the results show business stability, optimism, and strong expectations for growth.
Small businesses are crucial to a growing economy. They employ half of all private sector employee and were responsible for 64% of the new jobs created from 1993 to 2011. Because of the importance of small businesses in the US economy, the results of the Dell research give consumers even more reasons to be optimistic. Some of these findings include:
- Almost half (48 percent) of small businesses are planning on growing their company in the near future
- When asked about the next year, 56 percent expect finances to improve, 75 percent expect sales to increase, and 58 percent believe there will be better opportunities for growth
- 84 percent believe that the greatest opportunities for growth are here in the United States
- 83 percent of small businesses have stayed the same size or have seen growth over the last 3 years, and 20 percent of businesses are currently looking to hire.
- Three out of four small business owners (77 percent) believe that increased use and investment in technology will be the driving force behind their economic growth.
To elaborate on that last point, small businesses see technology as crucial for day to day operations (69 percent) and as a strategic asset in-and-of itself (28 percent). Most small businesses find that their technological needs are currently being met (89 percent). However, in an effort to spark growth, 55 percent are planning on making investments in technology within the next year. While nearly half (47 percent) will handle their technological additions themselves, small businesses will also look to a range of other sources to help them with this important investment, including freelance specialists (38 percent), an in-house IT employee (18 percent) and outside tech vendors (14 percent).
Overall, although small businesses are optimistic about growth, they still know they need to incorporate technology to achieve that goal. Here at Small Biz Technology, we know that technology is the key to increasing sales, retaining customers, and more. If your business needs a technological boost, keep looking to Smallbiztechnology for the latest information.