In its annual small business outlook survey, QuickBridge Funding reports 81 percent of business owners are confident their sales will increase in 2020. The Q1 survey data assessed small business owners’ expectations and challenges about growth, sales, capital spending, cash flow, staffing, tariffs, tax laws, and securing capital.
Highlights from the survey of 560 business owner respondents across a range of U.S. industries include:
- Sixty-six percent of business owners indicate they are optimistic about the U.S. economy increasing in 2020, with 28 percent believing it will remain flat.
- Despite the economic uncertainty that can accompany an election year, 82 percent of business owners expect business sales to grow, with only 5 percent anticipating sales to go down.
- Optimistically, 68 percent think their overall cash flow will be positive, with only 8 percent believing it will be negative.
- While ongoing international trade issues have caused some business owners to proceed with more caution, 66 percent indicated that the U.S.-China trade war specifically will have no effect on their business in 2020. The same goes for recent tax law changes, with 48 percent of respondents indicating no impact to their overall tax burden.
- Confidence in hiring was supported by close to 60 percent who plan to add staff, with only 3 percent anticipating a reduction in staff.
- Fifty percent expect their capital spending to increase, with 38 percent indicating it will stay the same, and 13 percent projecting a decrease.
- According to one-third of the small business owners surveyed, the biggest challenge they face is securing capital. Other challenges cited include increasing profits and hiring employees.
“It is encouraging to see that small business owners remain largely optimistic about the economy and their growth prospects in 2020,” said QuickBridge President Ben Gold. “We hope to support as many businesses as possible this year with funding solutions that meet their needs and help them realize their growth expectations.”