Over the past few years, millions of small business owners have seen their companies’ bottom lines improve thanks in large part to the impact of the improving economy. Now, it seems that this kind of step forward is expected to have an even greater impact in the coming year, as many owners are already reporting significant improvements for 2014.
Today, some 73 percent of small business owners in the greater Philadelphia area say that they believe their companies will either meet or surpass the revenue expectations they put in place for the year, according to the latest Small Business Pulse Check from TD Bank. That number is up from 69 percent last year. Moreover, though, only 47 percent feel as though the national economy will has created any sort of negative impact on their business, down from 56 percent a year earlier.
“Philadelphia area small business owners are more confident in their operations than they were at this time last year,” said Mike Carbone, regional president for TD Bank in the metro Philadelphia market. “While the impact of the U.S. economy remains on the mind of many small business owners, they are more optimistic than in recent years and looking forward to growing and investing in their businesses in 2015.”
More positive feeling about next year
Meanwhile, it’s further important to note that 62 percent of owners say that they are both optimistic and excited for what’s in store for their companies in the coming year, with as 13 percent even saying that they think 2015 will be the best year in their firms’ histories, the report said. In addition, 33 percent say that they plan to expand the types of products or services they offer to consumers during that time.
But at the same time, only 20 percent of owners say they plan to apply for any kind of financing in the 2015 calendar year, the report said. Meanwhile, if such a need does arise, 82 percent say they would go to the financial institution that already handles most of their business to seek it out.
Owners who want to put their companies in the best possible positions going forward may want to consider the ways in which cutting costs for small business insurance will help. By finding more affordable liability insurance coverage, for instance, they may be able to save thousands of dollars per year which can then go toward improving other aspects of the firm.