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On today’s Business Beat, Jeff discusses how small business owners are seeing bright times ahead for their enterprises. In fact, around 90% of small business owners are now saying with confidence they believe they’re going to survive the troubling times the pandemic caused, according to a survey from Goldman Sachs.
Tune in to the Business Beat, below, to learn more about small business owners’ optimistic outlooks:
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Good morning, Paul!
There’s optimism in the air! Small business owners are feeling better than ever about the potential to get their businesses revved up again now that we’re getting out beyond the pandemic. And, in fact, many businesses around the country, particularly those that used the downtime forced upon them by the pandemic to innovate to meet changing consumer behaviors, are starting to see pre-pandemic level business activity.
Revenue growth for small businesses is fairly widely forecast to improve for 2021, with the professional services and retail segments being the most bullish, unlikely revenue growth into the future. How about our main street merchants? Well, they, too, are generally feeling positive about the future, with expectations to see revenue increases of 45% or more this year.
And there’s more: as a further indication of business confidence, a majority of small businesses are now even indicating that they plan to invest in their business’ growth, with as many as 61% saying that they’re likely to invest significantly in their businesses to hire new employees, purchase new equipment and/or to execute advertising campaigns, by way of example.
To really bottom line this, Paul, 90% of small businesses now say that they believe that they’re likely to survive the pandemic’s impact on their business. When just one year ago, only 68% felt that they would be able to survive the pandemic’s grip.
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.