When you run a small business, there will undoubtedly be ups and downs. Some days will be better than others, just like some quarters and even some years. The ups and downs might not affect only your business – they may affect your entire industry, which can make for an even more difficult time when things are down, but can allow you to thrive when things are up.
There are a lot of different factors that can affect small businesses. Things like the economy, the regional market, taxes, etc. are all outside of business owners’ control, but can have a major impact on operations.
To get an idea for how small business owners feel about the upcoming quarter, CNBC and SurveyMonkey conduct a quarterly survey that explores what business owners are concerned about and what they are looking forward to over the upcoming quarters. The responses to the quarterly survey not only give us an idea of the outlook that small business owners have for the near future but can also provide us with insights into different trends in different regions and industries.
Here is some of what the survey found:
- 47 percent of small business owners say that overall business conditions are good – that percentage increased three points since last quarter. When overall business conditions are good, small businesses tend to look forward with a positive outlook. They hire new employees and create new jobs. They spend more, stimulating the economy.Good business conditions also provide small business owners with peace of mind and a chance to relax a bit which can translate down to their employees. Good business conditions aren’t just good for small business owners and their businesses; they’re good for everyone.
- 32 percent of small business owners are planning to increase their full-time staff over the next year, supporting the feeling that business conditions are good. When small businesses are planning to hire more staff, it usually means that they are experiencing an increase in business, indicating that things are going well.When small businesses bring on new staff, they open up new jobs to the community and provide employment for those who may not have otherwise been employed. This brings a lot of benefits like a skilled and able, full-time employee for the small business and a chance to work and earn money to support their family for the new hires.
- One of the main issues that 30 percent of small businesses owners would like Washington to focus on this year is healthcare. Healthcare can be costly for both business owners and employees alike, and the changes that have been made over the last few years have caused the price to go up for some.
Small business owners are hoping to have healthcare taken care of so that they can provide their employees with good, affordable options so that they can better take care of themselves and their families.
- Finally, a point of interest from the survey was that last fall’s #MeToo movement affected a number of small businesses in a few different ways. 5 percent of small business owners reported firing or suspending an employee accused of sexual misconduct, 7 percent say they required employees to undergo training, 9 percent reported reviewing their policies, and 11 percent reported issuing company-wide reminders about harassment policies and procedures on reporting any misconduct.
In the fall of 2017, actress Alyssa Milano used #MeToo to support her friend in her allegations of sexual harassment against Harvey Weinstein. Although the #MeToo movement was started back in 2006 by Tarana Burke, Milano’s outreach caused it to go viral. Both women and men everywhere used the trending hashtag to raise awareness about the sexual harassment and assault issue our entire world is facing.
Although the viral movement did raise awareness and resulted in some small business owners taking action, 61 percent of small business owners report having taken no action as a direct result of the movement.
As an entrepreneur, the information from this survey can be vital. Entrepreneurship has a lot of benefits, but it comes with some risks too. Being an entrepreneur, you have the opportunity to create your own business, run it how you see fit, and build your ideal team around you. You also run the risk of failure, though, have to find the capital you need, and face other struggles and challenges.
The information available in these quarterly surveys can help you determine whether or not it’s the right time to launch your latest project or whether you should wait. It can help you get an idea of the challenges that others in your industry or area are facing, so you’ll know what you should be preparing for, too.
What other ways can the quarterly outlook surveys help you in your endeavors?