These days, the improving economy has put many companies in a position to succeed both now and in the future, and it seems that this fact is having a strong positive impact on many firms’ bottom lines overall. In fact, many entrepreneurs are now far more optimistic about the future as a result of these strong conditions as well.
Today, 68 percent of small business owners say that their companies were “successful” in the first half of the year, according to the latest data from the tracking firm Manta. That’s a 12 percent improvement from the numbers seen last year. In addition, 83 percent of those owners also say that they think their companies are well-positioned to take advantage of improving conditions for the second half of the year, and as such are optimistic about future success.
Interestingly, it seems that a healthy portion of those with strong positive feelings about their companies are younger adults, the report said. In all, 76 percent of millennial owners say that they had good a good first half, a larger portion than any other generation surveyed.
“Though a challenging undertaking, there are invaluable rewards that come with being an entrepreneur,” said John Swanciger, Manta’s chief executive officer. “Millennials are demonstrating they’re a new driving force behind the small business community. “It’s no longer assumed that recent graduates will enter the traditional workforce. Companies will have to adjust as Millennials become a bigger force in the small business space.”
What does this mean for jobs?
Interestingly, despite all this success, just 30 percent of small business owners actually hired new workers in the first half overall, and while that was up 10 percent from last year, it still didn’t keep pace with hiring by firms owned by millennials (44 percent), the report said. In addition, 52 percent of firms run by those in Generation Y say they plan to hire in the second half, compared to just 35 percent of the overall population.
Owners who want to best take advantage of current conditions in the market might do well to prepare their companies for success in other ways as well, and that could include taking the time to find more affordable small business insurance. By cutting expenses in this way, such as shopping around for better general liability insurance, companies might be able to save thousands of dollars per year they could then devote to other aspects of their companies.