For the first time since the Great Recession, small business owners feel more secure about their business and outlook moving forward, after strong growth in the previous quarter. Wells Fargo surveyed several small business owners and received positive results from the survey.
Many factors contributed to the surge during the quarter: better financial situation, increasing revenues, stronger cash flow, and access to credit. Seven in 10 business (71%) owners say they are in a better financial situation now than back in November (66%). Revenue has increased this quarter from 37 percent up to 44 percent; cash flow is up from 55 to 64 percent; and, access to credit is easier to obtain now that it was back in November (34 up to 44 percent).
“As small businesses are the backbone of our economy, it’s promising to see that business owners have entered 2017 feeling confident and that many are seeing positive trends in their businesses,” said Lisa Stevens, Wells Fargo head of Small Business.
“Our latest survey shows us that more business owners are reporting stronger current financials and are well positioned for the coming year, which is helping boost the Index score to its highest mark in nearly a decade. There are many reasons for small business owners to feel optimistic about the future in today’s economy, and we hope this momentum continues in the year ahead.”