The last few years haven’t exactly been easy on small businesses across the country, but the fact remains that most owners have been through the wringer more than a few times, and many companies know how these kinds of things go. With this in mind, it seems that entrepreneurs remain pretty optimistic that their companies can succeed down the road.
Today, nearly 3 in 4 small businesses nationwide have existed for 10 years or more (24 percent between 10 and 20 years, and 50 percent more than 20 years), according to a new survey from Bank of America. And the majority of owners now seem to think they’re well-positioned for success , with the owner optimism rating coming in at 69 out of 100, and expectations of growth over the next 12 months (defined by meeting or exceeding revenue targets, increasing staff, and increasing capital outlays) was rated 56.
This comes despite the fact that these owners rated the strength of the national economy overall at just 39, and the state of their local economies at 47, the report said. They also remained a little bit dour (47) on the availability of candidates and time to fill open positions.
More positives overall
However, the average rating for owners’ life satisfaction came in at a reading of 71, the highest for any single aspect examined, the report said. Many owners seem to also feel good about their chances to get access to assistance from financial institutions; ratings for cash flow, access to credit, and current interest rates (defined as the “financial environment”) were was at 54, while the level of support they thought they received from lenders, the products on offer to them, opportunities to improve, and getting issues with their accounts worked out was rated a 61.
Interestingly, owners by and large don’t feel as though their jobs are particularly hard, which may contribute to their contentedness overall, the report said. In all, 42 percent said that running their companies was “not easy but not especially difficult,” and 32 percent characterized it as being difficult. Meanwhile, a combined 13 percent said it was “easy” or “very easy,” the same percentage as those who said it was “very difficult.”
Owners who want to best position their companies for success going forward might want to consider the ways in which they can cut their ongoing costs. That might include finding more affordable small business insurance, including general liability insurance, to potentially save thousands every year.