Over the past few years, many polls have indicated that small business owners across the country are slowly but steadily starting to feel better about their future chances for success thanks to the improving economy. Along those same lines, more recent data suggests that they’re right to feel this way, and that things should keep improving for some time to come.
The overall prospects for small business success continue to reach improved levels due to a large number of factors through the end of July, according to the latest Small Business Authority Index from Newtek. In all, the index ticked up to a rating of 128.72, up 0.7 percent from June, as well as 6.98 percent from July 2013. On the index, any number greater than 100 indicates that the small business economy is improving, and has been doing so steadily – for the most part – for a number of years now.
“The small business economy seems to be picking up a little bit of steam, despite a lack of robust growth in new employment hires,” Barry Sloane, Chairman, President and CEO of The Small Business Authority. “The low interest rate environment continues to make the financing market for equity and debt fertile, as well as encourages consumers to spend instead of save.”
What does this mean for companies?
Many experts often point to small business job creation as being key to future success, and a strong indicator of current conditions as well. If firms can therefore ride improved sales numbers to healthier bottom lines, and turn the additional funds into a round of hiring, that might go a long way toward giving them a better chance for success going forward. This isn’t always easy, but the index shows that small businesses can continue to expect positive conditions, which may make planning for the future a little bit easier.
Of course, some owners might find this easier to do than others, but when considering ways to put a company on a better financial footing, they may want to look inward as well. For instance, if they can find ways to reduce their various expenses, such as small business insurance costs, they might be able to save their companies thousands of dollars annually. For instance, it might be wise to think about shopping around for more affordable consultant insurance, as a means of trimming some of the fat from a company budget.