Businesses Optimistic About Sales, Economy
According to the latest Small Business Index survey from the Florida Chamber of Commerce, Florida’s small business owners are optimistic about sales in the next year. The South Florida Sun Sentinel reports that 76% of the 204 small business owners participating in the latest quarterly survey believe sales will grow over the next year. Furthermore, 45% expect to hire additional workers in the next six months, while only 4% anticipate staff cutbacks. Commenting on the survey, the chamber said, “Overall, the economy and its impact on small-business conditions received positive reviews.” The survey was conducted from May 4 to 22, the Sun Sentinel notes.
A press release on the survey provides additional details on the results. For example, 62% of businesses reported higher sales volume for May 2015 compared to the previous year, while only 14% of businesses reported lower sales volume. In addition to expecting higher sales of the next 12 months, 78% of respondents believe the economy is going to improve in the next year, and 18% think it will “improve significantly.” This is more than twice the number of business owners who believed the economy would improve in May 2014. However, some challenges for businesses remain – 24% of business owners said “economic uncertainty” was their biggest concern, while 15% cited the quality of the workforce, and 12% noted government regulations. However, access to capital was cited by just 10% of business owners as their greatest challenge, making it the fourth-biggest challenge. A year ago owners cited this as the top challenge they faced.
What This Means For Small Businesses
Though the current survey shows positive indications that the business climate is improving in Florida, results indicate small business owners in Miami and other parts of the state are well aware that opportunities are also bringing challenges like continued economic uncertainty and burdensome government regulations. This survey shows the state has several areas where it can improve to be more business-friendly.
Additional Reading
NFIB previously noted Florida job growth in 2014.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
