The last few years haven’t been easy on many small businesses across the country, as the tough economy made it far more difficult for them to succeed. However, more recently, things have started to get better in a relatively quick fashion, and as such, millions are now feeling much more optimistic about their chances for future improvement.
These days, plenty of data shows that small business owners are now feeling far better about their chances for success, and expectations are starting to reach levels not seen since the recession hit, according to the latest Small Business Index from Wells Fargo and Gallup. The reading of plus-71 is the highest seen since the first quarter of 2008, and is up from plus-58 just three months earlier.
This index is made up of both how owners view today’s situation, and how they expect to see the economy move in the future, the report said. In the case of the former, it seems that present views earned a plus-28 rating, up from plus-21 in the fourth quarter of last year, while future expectations rose to plus-43 from the previous plus-37.
Lots of reasons for optimism
There are, of course, a number of factors driving these positive feelings, with 49 percent of companies saying their revenue has increased over the last 12 months, up from 42 percent in the previous poll, the report said. Likewise, 34 percent say they think it will be at least somewhat easy to obtain credit, up from 30 percent.
“The overall Index score speaks to the general improvements that many small businesses experienced in 2014,” said Lisa Stevens, Wells Fargo head of Small Business. “With the economy improving every day, many business owners are seeing stronger revenues and are feeling a renewed sense of confidence and expecting an even better year ahead.”
Owners who want to make sure their companies are in the best possible positions to succeed might want to consider the benefits of trying to improve their bottom lines. Often, this can include finding ways to cut costs, including those for small business insurance. For instance, if they can reduce their expenses for errors and omissions insurance and other policies, they might be able to trim thousands of dollars from their budget every year. That money can then be invested in improving other aspects of the company.