Small Businesses Still Face Challenges Despite Economic Optimism
Small businesses are still feeling the effects of a challenging economic landscape, but are increasingly optimistic about the future of their business and the economy, particularly at the local level, according to Capital One’s latest Spark Business Barometer.
The quarterly nationwide survey measuring the economic perceptions and financial conditions of small business owners, as well as the most common trends and challenges facing small businesses today, found nearly half (49%) of business owners are optimistic about the national economy over the next 12 months, and more than two thirds (67%) feel good about the future of their local economies. Additionally, despite predominantly negative views of current business conditions (with more than half reporting current financial conditions as “fair” or “poor”), 48 percent believe their financial position will improve over the next six months.
“By engaging with small business owners in this quarter’s Barometer and on our ‘I Am Small Business Proud’ road trip across America, we’re seeing that small businesses are optimistic about the future and hungry for new, innovative ways to build and enhance their companies,” said Keri Gohman, head of small business banking at Capital One. “We know small business owners are looking for solutions that make it easier for them to grow and manage their businesses, and at Spark Business, we’re committed to delivering great products and tools to help them succeed.”
To read the entire news release, click here.