Another credible survey confirms U.S. small business owners are more confident about the future of their businesses now than at any time since the Great Recession. About 67% say the national economy is in recovery or expansion, up from 46% in 2013.
The 2015 U.S. Bank Small Business Annual Survey found 18% of small business owners said they felt the economy was in recession in 2015, down from 89% in 2010.
Business owners who said they plan to add staff increased to 25% in 2015 from 20% in 2014. Three out of four (76%) say their business is financially strong, and their revenues have stabilized, with 28% saying revenue increased and 52% stating that it had stayed the same over 2014.
Most are still not seeking credit, however, with 86% reporting they had not tried to borrow money for business purposes in the last six months. Of those who did borrow, 65% said it was easy, compared to just 44% who cited easy access to credit last year. In addition, significantly more small business owners (34%) said they plan to make a capital expenditure to expand their business over the next year.
Mobile and social media are now an established part of the small business owner’s overall delivery, with 75% of respondents saying they have integrated a mobile solution into their business strategy, and 67% reporting that they maintain a social media presence to make connections, find talent or market their business. Top business uses of mobile include accessing bank accounts, accessing social media, making and accepting payments and depositing checks. They also offer mobile-friendly sites, use apps to organize and manage their business and use text alerts to market products, services or promotions.
For data, background and forecasts on Small Business and Payments: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).