Categorized | Business

Small Business Pulse

By Tom Irmen

If you’re wondering about the state of today’s small business community, feast your eyes on the most recent small business optimism survey from the National Federation of Independent Business (NFIB).

“There is no question that small business is booming,” said Bill Dunkelberg, NFIB Chief Economist. “Consumer spending, the new tax law, and lower regulatory barriers are all supporting the surge in optimism across all small business industry sectors.”

The NFIB survey for the month ending April 2018 came in at 104.8, the highest in the survey’s 45-year history.

I’ve often spoken to other small business owners about the challenges resulting from the “sitting on the fence” trend that began to emerge during the most recent recession. Surprised by the depth and breadth of this nearly decade long recession, most entrepreneurs eliminated all but essential expenditures, reduced staff, eliminated or significantly curtailed capital expenditures, closed satellite locations, and shelved future expansion plans.

Despite all of the positive financial news of late, many small business owners remain cautious, fearing that the other shoe might drop. Perhaps current financial and political volatility playing out on our national and international stages are the cause of much of this apprehension, but it is important to recognize that the promise of real sustainable growth is being driven by sound financial fundamentals such as those cited in this NFIB survey.

This April survey is the 17th consecutive month of historically high readings. The survey points to gains in productivity, stronger sales, and increased spending on new equipment. And a host of other surveys and statistics support these survey results.

NFIB President and CEO, Juanita Duggan, said, “Never in the history of this survey have we seen such profit trends so high.”

The future for small business hasn’t looked this promising in a long time. Perhaps the biggest challenge confronting today’s small business owner is the reluctance to accept today’s positive financial trends as reality.

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