More small and medium-sized businesses are feeling better about business prospects, research has found, and the sentiment is much improved from a year ago.
Close to two-thirds of small businesses have leaders that are confident in the progress their company made in the past year, a report from SunTrust Banks. This was significantly higher than one year ago, when less than 40 percent of executives at these companies felt their business was doing well. A similar measurement showed that 62 percent of those business leaders polled noted that the company’s financial wellness was improved from one year earlier.
“Clearly more businesses today are looking for the right tools and investments to help them grow,” said Tom Kuntz, commercial and business banking executive for SunTrust. “We work to understand the unique circumstances of small and mid-market businesses and tailor solutions to each client. For example, many businesses are now ready to invest in new technology or take actions to better manage cash flow. A financial institution can help with that game plan.”
Another way that businesses may be able to improve their situation is to consider mobile credit card processing, as it may help keep their finances in order, as well as help foster growth.
This already may be improving, to an extent. A report from The Alternative Board noted that nearly seven in 10 business owners experienced an improvement in the local economic situation in the past year. Close to two-thirds think their business profits will continue to rise.
More than 40 percent explained they will improve their hiring situation in the next 12 months, the report added. Approximately 65 percent noted they don’t have much difficulty keeping the workers they already have working for their business.Back To Blog