Growth is on the horizon according to CAN Capital’s inaugural Small Business Health Index, which found that 61 percent of small business owners expect their business to grow over the next 12 months. The Small Business Health Index, powered by SurveyMonkeyTM, measured the sentiment of over 700 small business owners on market trends, personal business goals, industry challenges, and their outlook for the coming months.
The results of our first Small Business Health Index demonstrate that small business owners are not only expecting growth, but actively taking steps to facilitate and prepare for it. Over a third of small business owners reported that they are exploring new forms of advertising/marketing (such as online ads and email marketing), and over one quarter plan on purchasing equipment or making inventory investments over the next year. Other small business owners indicated that they plan on hiring more employees, opening a new location, or expanding their current location within the next twelve months.
As meaningful growth requires investment, it is not surprising that nearly half (45 percent) of small business owners surveyed anticipate a need for external capital within the next year. However, the majority of these small business owners (61 percent) also reported that gaining access to working capital is quite or extremely challenging. At CAN Capital we’re committed to helping small businesses grow and succeed, and we deliver on this by providing access to working capital that small businesses may have difficulty obtaining elsewhere. Another way that we aim to deliver on this commitment is by providing the small business community with education and resources that lead to actionable advice.
Moving forward, this survey and its corresponding Index will be published on a regular basis as a way to provide greater insight into the trends affecting small businesses and help small business owners themselves make decisions that can positively affect their profitability and future success.
To learn more about the results of the CAN Capital Small Business Health Index check out our infographic which outlines key findings. You can also view the full survey results here. Follow CAN Capital on Facebook, LinkedIn and Twitter.