SAN DIEGO and NEW YORK, April 10, 2018 /PRNewswire/ -- Reliant Funding, a leading small business finance provider today announced the results of its latest survey. This survey focused on the 2017 Tax Act and SMB's understanding of the impact of the new Tax Bill on businesses. The survey also examined how SMB's use social media to reach their customers. The survey was sent to a sample of small business owners in March 2018.
Key findings of Reliant Funding's Small Business Survey:
53% of SMB's are confused about the 2017 Tax Act and will seek expert advice.
25% of SMB's have plans to capitalize on the Tax Reform.
22% of those surveyed don't know about the bill 43% of those surveyed understand the Tax Bill and plan to take the savings and contribute to an emergency fund. 31% will use the savings to give employee bonuses or salary bumps and 27% plan to purchase new equipment.
44% of SMB's are optimistic about the state of their businesses, a slight decrease from the 50% of those from our previous Fall Report.
In the Reliant Funding Fall Report, we learned that 19% had no plans to invest in the following six months. In the Spring report, this jumped to 47%.
Marketing is still the top area where SMB's want to invest.
66% of SMB's surveyed invest in social media to market their business.
In our Fall Report, the top challenges were finding skilled workers, cash flow and competitors. Our latest report shows finding new leads, customer spending and evolving technology are now top challenges.
"As an advocate for American Small Business, we know it's essential for Small Business Owners to leverage any savings from the Tax Bill to strategically invest in and grow their businesses," said Founder and CEO of Reliant Funding, Adam Stettner. "We are here to support them with our customized funding solutions."
About Reliant Funding Headquartered in San Diego with offices in New York, Reliant Funding provides customized, short-term funding to small businesses nationwide. Recognized for five consecutive years by Inc. Magazine among the 5000 fastest growing privately held companies in America, they offer high approval rates with first class customer service and timely assistance to help achieve clients' business goals. For more information, please visit https://www.reliantfunding.com/.