Today, 72 percent of small-business owners are confident in the future of their own business—down slightly from December 2015. And while fewer small businesses reported revenue increases in the last 12 months, 45 percent said they plan to implement new advertising and marketing strategies, 28 percent plan to expand e-commerce, and 25 percent plan to launch a new product line in the coming year.
When asked about policy imperatives, the top thing small businesses want policymakers to do is reduce the national deficit, followed closely by end the partisan gridlock, simplify the tax system and rein-in the cost of health insurance. The survey also found that the administrative burden of federal taxes continues to outpace the actual financial cost of federal taxes.
"Our data shows a drop in bank lending to smaller firms, which has serious implications," stated NSBA Chair Cookie Driscoll, owner of C. Cookie Driscoll Inc. of Fairfield, Pennsylvania. "An inability to access capital caused 20 percent of small firms to reduce their number of employees."
The 2016 Mid-Year Economic Report was conducted on-line July 22 through Aug. 3, 2016 among 1,045 small-business owners.
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Celebrating more than 75 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America's entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S. Please visit www.nsba.biz or follow us at @NSBAAdvocate.
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SOURCE National Small Business Association