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Surveys: SMBs seeing growth, some still frustrated
Small businesses are optimistic looking to the future, but that optimism is cautious. According to new surveys over half of small businesses believe 2012 will hold more profits than 2011 - but the upcoming election weighs heavily on some.
The Rocket Lawyer report shows that one in three SMBs are planning to hire new workers in the next six months. Most also look optimistically at the rest of 2012, expecting it to be better than 2011. But, looking at the election, most believe Mitt Romney will be 'better for business' than President Obama. Millennials are the most optimistic SMB grouping.
"Small businesses are the key drivers of economic recovery and they continue to fuel job growth," said Charley Moore, Rocket Lawyer founder and executive chairman. "However it is clear that the high costs of labor, benefits like health care and legal compliance have made some business owners uneasy."
Meanwhile, Constant Contact surveyed SMBs and found most respondents were seeing some economic growth from 2011 to the present. Nearly 60% say revenues have increased with only 11% reporting decreased revenue. For the remainder of 2012 SMBs say:
· 70% say they expect revenues to continue to grow
· 52% say growth will be upwards of 10% over 2011 revenues
· 27% say revenue growth will be under 10% from 2011 numbers
Still, all is not great in the realm of SMBs - many are still not hiring with 20% saying they need more employees but can't afford to hire them.
"While small business owners are reporting optimistic 2012 revenue projections, the fact that they aren't hiring, and operating costs are rising makes it clear it's a cautious optimism," said Gail Goodman, Constant Contact CEO. "For now, it appears small business owners are continuing to try to do more with less."
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