WJR Business Beat: A Positive Outlook for U.S. Small Businesses (Episode 440)

Good morning!

Small businesses are challenged these days, that we know nothing surprising there, but according to the recently released MetLife and U.S. Chamber of Commerce Small Business Index, there is some surprisingly positive news relative to sentiments of small business owners today to report as well. Now the small business index is designed to take the temperature of the sector to see where small business owners are confident and where they’re experiencing challenges.

So here are some highlights. The index found that 88% of small business owners are concerned about the impact of inflation on their businesses. But despite the sharp increase and concern around inflation 2 in 3 small business owners say their businesses are in good health. Two-thirds say they expect revenues to increase over the next year and 43% plan to hire more staff. Now all of these numbers are highly encouraging.

Of course, there has not been any improvement in how small businesses view the overall economy. About half still say the U.S. economy is poor and that’s consistent with the last few quarters.

Now, Cynthia Smith, senior vice president regional business at MetLife, says that despite facing a headwind, it is promising to see small business owners, optimism, reach a new pandemic era high. She goes on to say America’s small businesses employ tens of millions of people and are a major contributor to the nation’s economy.

So, all in all, as expected, challenges afoot, no doubt, but the good news, surprising results in the positive attitude many small business owners hold today about future prospects for success.

I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.