Small Business Owners Predict Higher Retention and Hiring of Full-Time Staff
TAB's Quarterly Survey Indicates Revenues, Profits and Hiring Will Increase
DENVER, June 11, 2013 /PRNewswire/ -- Three out of four small business owners expect sales revenues to increase in the next year, according to the Business Pulse Survey just released by The Alternative Board (TAB). The survey is commissioned by TAB each quarter to provide an accurate pulse on the perspectives, perceptions, and predictions of small business owners. (See infographic.)
The survey gathered responses from 300 private small business owners – half of which are currently members of TAB boards – and focused this quarter on the topics of personnel, business profits, sales revenues, and local economies. The findings point to trends of optimism and profitability for survey respondents:
- 69% of U.S. business owners reported improvement in their local economy compared to one year ago.
- 75% of all respondents expect their sales revenues to rise over the next year, while just 12% forecast a decline in revenues.
- 67% of owners surveyed predict their overall business profits to increase.
- 65% assessed their current experience as "easy" when it comes to retaining current employees.
- 43% of owners indicated their intention to increase full-time hiring in the next year.
To read more about these latest findings as they relate to today's small business owner, see today's post by Ilya Pozin, Columnist for Inc, Forbes and LinkedIn Columnist.
TAB's successful impact on its small business owner members is evident in the Pulse survey and reflects the advantages of peer advisory boards and executive business coaching provided by local TAB franchise offices. Results from the survey indicate current and future outlooks by TAB members are far improved over those of non-TAB business owners:
- 70% of TAB members surveyed indicated they are finding it easier to retain full-time staff.
- 65% of TAB members reported improvement in their local economy over one year ago, compared to just 41% of non-TAB owners reporting the same.
- 72% of TAB's small business owners predicted their business profits will increase in the next year, vs. 58% of non-TAB owners.
- One out of two TAB members intend to hire full-time staff in the next year.
- Most notably, 79% of TAB members indicated an expectation of increased sales revenues over the coming year.
Jason Zickerman, TAB's President and CEO who recently attended America's Small Business Summit in Washington, DC, agrees the survey findings support what he experienced at the U.S. Chamber's event. "Today's small business owners, I find, are far more geared for the possibilities of the future than the obstacles of the past or even the present," Zickerman said. "With a very entrepreneurial spirit, they seem empowered to work on their businesses while remaining prepared for what's to come. They are exhibiting more confidence and control, and it's great to see again."
The survey included findings affecting employees as well as business owners. The biggest challenge owners reported for hiring staff is that candidates are "missing the necessary experience in our industry." When asked to rate different channels for hiring staff, respondents indicated "employee referral" as the best method, followed by "classified ads," "LinkedIn," and their own company website.
About The Alternative Board
The Alternative Board currently operates in seven countries, including the United States, bringing together owners of non-competing businesses in half-day monthly board groups of up to 10 members. Each meeting, under the guidance of a TAB Certified facilitator, is conducted in a confidential "think-tank" atmosphere, and additional one-on-one business coaching is provided as well. TAB delivers real world advice to help business owners stay focused on what matters most. Since its inception in 1990, more than 15,000 businesses have benefited from The Alternative Board services. For more information, visit www.TheAlternativeBoard.com.
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