Small business owners are likely to be worried about the future of their businesses, given that the outlook for U.S. economic growth is uncertain. They are optimistic about the coming year. Recently, we surveyed small-business owners to find out their expectations of business growth in 2019 and the U.S. Economy. About 60 percent of respondents believe that the U.S. will continue to grow in the coming year. A further 28 percent predict it will remain flat. Only 12 percent expect a decline. Let’s examine how small businesses plan to capitalize on the opportunities that are expected in the future.
Small Business Confidence and the U.S. economy
According to our survey, small businesses are confident in the U.S. economic outlook for 2019. According to Reuters the Congressional Budget Office is expecting the global GDP to grow by about 2.4 per cent in 2019. This is a slower growth rate than in 2018 but still represents a projected expansion of the national economy. Despite recent market volatility, positive expectations remain. Small business owners have responded by expressing their willingness to invest in the future of their businesses. Highlights from our survey include:
Growth in Sales and Staffing is Likely
A little over 83 percent of the respondents anticipate an increase in sales for 2019. Only 2 percent expect a decrease. Sales are not the only area of growth. Over 55 percent of respondents expect to hire additional staff for the coming year. Only 3 percent plan to reduce roles.
Positive sales and staffing conditions create the opportunity for companies to invest in growth. Small business owners can benefit from strategic financing programs to help them get the resources needed to expand. The right loan will help you improve your business by covering essential expenses and improving your daily operations.
Diverse financing plans are on the Horizon
Small business owners in 2019 plan to use funds for many different purposes, including to solve problems or accelerate growth.
*% plan to use small-business financing for expansion.
* 32 percent of small businesses plan to use financing for equipment purchases.
* 31 percent of respondents plan to use extra capital to bridge shortfalls in cash flow.
The majority of small businesses are looking for financing to purchase materials or inventory.
Financing plans remain strong in the tax climate
New tax laws affecting small businesses have received mixed reviews. New tax laws are expected to reduce the tax burden for 35 percent of respondents, while 49 percent do not expect any impact.
Our survey shows that small businesses are confident in the economy, and they’re looking to finance to capitalize on upcoming opportunities. You can use the right small business loan to achieve your business goals for the new year.
Online lenders stand out among small business owners
In 2019, many small business owners will be looking at financing programs that can help them grow. Online lenders will become more popular if past experiences are anything to go by. Comparing online lenders to traditional lenders, 54 percent of respondents believe that it is relatively easy to get funding. Online lending is easy for 22 percent and difficult for 24 percent.
QuickBridge, as an online lender aims to boost the confidence of small business owners in obtaining funding. Our application process is streamlined to make it easier for you to apply and we can often provide funding within 24 hour. Small business loans from traditional lenders have strict requirements, and it is difficult to qualify. QuickBridge’s loans do not require collateral, and we approve many business owners who have less than stellar credit. Call us to find out how we can grow your business this year.
