2016 Brings “Banner Year” for Small Business Owners, New Study Reveals
U.S. entrepreneurs are looking toward 2016 with optimism, according to a survey for Manta’s Wellness Index felt.
This, despite the fact that they slightly less successful in the second half of 2015 compared to the first half. But their business optimism and plans for hiring in the new year paint a different story, according to the Manta study.
Eighty-three percent of respondents are optimistic about business prospects in 2016, up slightly from 82 percent in 2015. And on the hiring front, 39 percent of respondents plan to hire in the first half of 2016, up from the 35 percent that hired in the latter half of 2015.
To gauge the small business landscape, Manta’s Semi-Annual Wellness Index asked small business owners to evaluate their businesses and share what issues they expect to cause concern in 2016. Manta is a marketing and research company.
“This year will bring major changes at the federal and state levels. Small business owners especially must be cognizant of what’s going on within their industries and adjust accordingly,” said Manta CEO John Swanciger. “Entrepreneurs are dealing with the moving parts that come with running a business. They’re trying to figure out where they should focus in 2016, and they’re looking to their communities for help.”
The top concerns hindering small business owners at the end of 2015 were longstanding business issues such as lack of capital, competition, lack of good employees, and taxes. Small business owners listed cost of healthcare, lack of government support, and rises in the minimum wage at the bottom of their list of concerns in 2015.
When asked which current issues could hinder their growth in 2016, an unstable global economy topped the list at 29 percent, followed by quality of partnerships and vendors, healthcare costs, presidential election results, and a rising minimum wage.
Only half of entrepreneurs surveyed had any type of marketing plan, business plan, or growth plans for their businesses, the Manta survey found. “One of the top reasons to write a business plan is to highlight business essentials and determine the strengths, weaknesses, opportunities and threats,” said Swanciger. “By devoting time and energy to strategic initiatives upfront, small business owners will reap the benefits of having a well-structured, well-researched business plan.”