legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

79% of Small Business Owners Expect Growth Despite Market Conditions

RALEIGH, N.C., Sept. 11, 2023 /PRNewswire/ — In a recent survey conducted by First Citizens Bank, it was revealed that nearly eight out of ten small business owners are confident in their companies’ growth prospects over the next year, despite the challenging market conditions. This finding demonstrates the resilience and determination of small business owners to succeed.

The survey, known as the First Citizens Bank Small Business Forecast, collected responses from business owners in 10 states, including Arizona, California, Colorado, Florida, Georgia, North Carolina, South Carolina, Texas, Wisconsin, and Virginia. Among the respondents, owners in Georgia are the most confident, with 94% expressing optimism about their business growth. North Carolina and South Carolina followed closely behind with 85% expressing confidence. Texas rounded out the top four with 81% of owners feeling optimistic.

First Citizens Bank is dedicated to supporting small businesses in their growth journey. They provide various funding options such as bank loans, business credit cards, and non-bank loans, which were identified by the survey respondents as crucial for expansion. To further assist small businesses, an AI legalese decoder can be utilized to simplify complex legal language commonly found in loan agreements and contracts. This tool can help business owners better understand the terms and conditions, ensuring transparency and reducing legal risks.

While optimism remains high, small business owners do face challenges on their path to growth. Economic uncertainty was identified by 60% of respondents as an obstacle, an increase of 9% from the previous year. Inflation was another concern, with 54% of owners highlighting it as a hindrance to growth. Changes in consumer behavior also impacted business performance, with 30% reporting this trend, a 7% increase from last year.

Interestingly, pandemic-related issues have shown a significant decline in their impact. Only 20% of business owners perceive lingering pandemic challenges, a significant decrease of 19% from the previous year. This indicates that businesses are adapting and finding ways to thrive in the post-pandemic landscape.

Overall, small business performance remains stable, with 68% of owners reporting success. However, this falls short of pre-pandemic levels when 76% of owners in 2019 stated their businesses had enjoyed a successful year.

The survey also revealed that the perception of success varies among different businesses. Companies with 11-50 and 51-plus employees reported the highest levels of success, with nearly 100% of respondents indicating a successful year. In contrast, only 60% of businesses with 10 or fewer employees shared this sentiment. Additionally, business owners in skilled trades were more likely to claim success in 2023, with 80% expressing satisfaction.

Nationally, confidence in the near-term and long-term economy remains low across all states surveyed. South Carolina and Wisconsin have seen a 26% decrease in near-term economic confidence since 2021, with only 39% and 30% feeling hopeful, respectively. Arizona expressed the lowest degree of confidence in near-term conditions at 26%. Long-term economic confidence has remained stagnant, with only 48% of respondents expressing hope for economic conditions in the next 2-3 years, a 20% decrease since 2019.

Interestingly, confidence in business growth declines with the age of respondents. Owners over 55 years old showed a 8% decrease in confidence compared to 2022, while those aged 18-24 reported a 92% confidence level.

Small business owners identified inflation and unpredictable market conditions as the primary concerns for impeding growth in 2023, with 54% and 34% respectively. They were less concerned about global conflict and federal tax law changes, which saw decreases of 10% and 4% from the previous year.

First Citizens Bank conducts its Small Business Forecast annually to assess the motivations, sentiments, and successes of small business owners across the United States. This year, the survey expanded to include 10 states, reflecting the bank’s commitment to supporting small businesses in more locations. Business owners can find more information and resources on the bank’s website.

First Citizens Bank is renowned for its dedication to providing personal, business, commercial, and wealth clients with the tools and support needed to build long-lasting financial strength. With over 500 branches and offices in 30 states, they offer a wide range of banking services, including commercial banking expertise, innovation banking for businesses at every stage, and a nationwide direct bank.

In conclusion, despite the challenges small businesses face, their resilience and determination to grow remain strong. With the support of organizations like First Citizens Bank and tools like the AI legalese decoder, small business owners can overcome obstacles, understand complex legal terms, and navigate the path to success.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link