BOHEMIA, N.Y., March 29, 2019 /PRNewswire/ -- Today, National Business Capital & Services (National), released the results of National's Business Confidence Index for 2019. The index was created to gain insight into how confident US business owners are in the growth of their businesses this year, and the steps they plan on taking to achieve their specific goals for growth. Index results were gathered via responses to an online survey from business owners across six key industries: Food & Beverage, Construction, Retail, Medical, Manufacturing, and Professional Services.
The results below present a summary of the overall data collected from all respondents, across all industries. To see this data broken down and categorized by industry, along with answers to additional questions that identify industry-specific business goals and challenges in 2019, read National's full survey report here.
84% of business owners responded "Yes" to the survey's initial question, "Do you have plans to grow your business in 2019?" showing an overwhelmingly optimistic and ambitious outlook for business growth nationwide.
Answers to the following question, "Do you expect economic changes to help your business grow in 2019?" indicate that trust in the economy to support business growth may be declining across the board. Nearly 30% of surveyed business owners reported that they do not expect economic changes to help their businesses grow, suggesting that business owners are becoming less reliant on healthy economic conditions to aid them in growing their businesses, compared to recent years.
Over 60% of all business owners reported having goals to boost sales, expand their customer bases, and increase customer volume, making these the top three goals that business owners are looking to achieve in 2019.
32% of surveyed business owners reported having goals to streamline operations, indicating a growing overall need for simplified increased efficiency and digitization of business practices—a trend that is only becoming stronger among business owners in 2019. Goals including lowering costs, raising credit scores, and eliminating legal risk are reportedly not as conducive to achieving successful growth among business owners this year.
47% of surveyed business owners reported that increasing marketing efforts with new campaigns to be the most important step towards achieving their goals this year, making it the most commonly-shared plan among business owners across all industries.
Plans to hire more staff, and build their social media presence, form strategic partnerships, obtain business equipment, and expand their list of products and services all follow close behind. Implementing new technology, boosting inventory, and business incorporation are among the least likely strategies to be utilized this year, with 21%, 14%, and 6% of respondents reporting plans to use them in 2019.
Overall, responses to National's Small Business Confidence Index survey indicate that business owners have great plans for business growth in 2019, but do not expect economic changes to help them towards achieving them. Instead, business owners are taking matters into their own hands as they work towards streamlining operations, increasing their marketing efforts to boost sales, expand their customer bases, and increase their volume of customers.
About National Business Capital & Services
National is a leading business financing and business services company, headquartered in Bohemia, NY. Dedicated to "Innovating the Way Entrepreneurs Grow®," National provides fast, simple access to both capital options including small business loans, expedited Hybridge® SBA Loans, and revolving business lines of credit, as well as business services that help entrepreneurs grow, improve and protect your business.
National Business Capital & Services
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SOURCE National Business Capital & Services