Recently, Capital One Small Business revealed the results of its Q1 Small Business Barometer, a quarterly survey of small businesses across the nation gauging their current financial condition and business projections for the next six months.
The news is good for small business.
According to the survey, nationally and locally, it appears that economic conditions are starting to improve. Here are some key conclusions from the survey.
>>> A large majority (nearly 80 percent) of the small business owners surveyed in the first quarter of this year believe that economic conditions are either improving or holding steady.
>>> 39 percent of small business owners report that their company’s financial situation is better than it was last year (an increase of 11 percentage points over fourth quarter results) while 38 percent say that the firm’s finances have been stable over the past 12 months.
>>> 70 percent of small business owners surveyed said they are able to access the credit or financing they need.
>>> 62 percent of those surveyed said they do not have plans to hire new talent over the next six months
>>> When looking ahead to potential challenges over the next six months, almost half (48%) of small business owners cite the ability to obtain new customers as one of the biggest challenges they will face, while 30 percent cite the need to maintain existing customers.
So I’d like to hear from you. Is this what’s happening in your small business world?
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