Small Business Confidence Up: 18 Month High According to New Report

There is another optimistic report from the cities smallest firms making news on small business websites like SBTV.com, entrepreneurial magazines and small business forums!  Economic confidence among small business owners is at its highest level in 18 months according to the newest Discover® Small Business Watch report.  While almost half of the business owners surveyed rate the economy as poor, almost a third see economic conditions for their enterprises improving.

New findings from small firms:

* The number of small business owners who think the economy is getting worse

dropped to 43 percent in August, the lowest reading on that data point since the

Watch`s inception exactly three years ago. This month, 38 percent of owners say

the economy is getting better, up from 30 percent in July; 15 percent believe

that the economy is staying the same, down from 16 percent in July; and 4

percent remain unsure.

* 48 percent of small business owners rate the economy as poor, which is the

lowest percentage since February 2008, while 41 percent rate it fair and 9

percent say it is excellent or good.

* 30 percent of small business owners see economic conditions for their

businesses improving, up from 29 percent in July; 44 percent see their own

conditions getting worse, down from 46 percent in July; and 23 percent say the

climate is unchanged.

* 27 percent of small business owners say they plan to increase spending on

business development, such as advertising, inventory and capital expenditures,

which is up from 23 percent in July; 43 percent plan to decrease spending, down

from 49 percent in July; 25 percent are planning no changes; and 5 percent

aren`t sure.

 * 51 percent of owners say they have experienced cash flow issues in the past 90

days, down from 53 percent in July.

 

 “For the past few months, small business owners have shown rising confidence in the overall economy, as well as an increasing sense that the conditions for their own businesses are improving,” said Ryan Scully, director of Discover’s business credit card. “This month we have a few more signs that they may be ready to start trying to grow their businesses again, and that the worst may be over.”

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