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Small Business Sentiment Declines in Early 2016
Amid economic and regulatory uncertainties during an election year, small business owners are currently feeling less optimistic about the state of their businesses, according to a study from Capital One.
McLean, Va.--Amid economic and regulatory uncertainties during an election year, small business owners currently are feeling less optimistic about the state of their businesses, a new study indicates.
The Capital One Spark Business Barometer study, conducted by surveying 401 for-profit small business owners across the United States, found that the sentiment has continued to decline in early 2016.
Forty-one percent of business owners interviewed said current business conditions are “excellent or good,” compared with 50 percent who said the same at this point last year.
Meanwhile, 19 percent of business owners described current business conditions as “poor,” compared with 15 percent in the first quarter 2015.
When asked what they are concerned about this year, most small business owners said their primary concern is the impact of the upcoming presidential election. When evaluating candidates, they’re most focused on tax policies on small businesses, the emphasis on economic growth, healthcare costs and changing regulations at the local and national level.
“Now is a critical time for small businesses as the country anticipates a change in leadership and new opportunities and challenges, such as market dynamics and new regulations and tax laws, which can have a significant impact on business results.” --Keri Gohman, Capital OneAn indication of how business owners are feeling also is reflected in the fact that fewer are planning to hire in the near-term period.
Twenty-six percent of business owners said they plan to hire employees in the next six months, compared with 32 percent a year ago. And of those who do plan to hire, 50 percent will bring on full-time employees this year, as compared with 54 percent in the prior-year period.
Despite the dulled optimism, 39 percent of business owners said they believe their financial position will be better in the next six months, up slightly from 38 percent a year ago. Nearly half (49 percent) of total respondents believe business conditions will remain stable over the next six months.
When it comes to outlooks for the future, women and younger business owners continue to be the most optimistic about their businesses, the study shows.
Forty-four percent of women business owners anticipate that their business will be in better financial standing in the next six months, compared with 36 percent for men. Additionally, 72 percent of millennials said their business will be in better financial shape in six months, likely due
to many reporting increased sales in the last six months.
“Now is a critical time for small businesses as the country anticipates a change in leadership and new opportunities and challenges, such as market dynamics and new regulations and tax laws, which can have a significant impact on business results,” said Keri Gohman, head of small business banking at Capital One.
“Now is a critical time for small businesses as the country anticipates a change in leadership and new opportunities and challenges, such as market dynamics and new regulations and tax laws, which can have a significant impact on business results,” said Keri Gohman, head of small business banking at Capital One.
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