There is growing optimism and confidence in the state of the economy among small to medium-sized businesses, according to a recent survey released by Right Networks. In the poll of 364 small businesses, more than 76 percent felt encouraged about the prospects for new business, with 59 percent of respondents planning to add jobs in the next six months.
This 18-question "SMB Cloud Impact" survey polled 364 small to medium-sized businesses and accounting professionals: gauging their scale of business, overall feel for the current climate of the economy, and potential for business and job growth. The poll also sampled SMBs for their opinions on whether cloud technology is making it possible to better serve their clients and seek new business opportunities.
The survey revealed positive business outlooks, according to the polled small businesses:
Business Optimism – Over half (51 percent) of the respondents in the survey indicated they had reason to feel “cautiously optimistic” about their business while another 48 answered with even more enthusiasm, choosing “confident/bullish” as a response, indicating a high business confidence. Another 16 percent indicated a “neutral” response while only 14 replied with a “slightly negative” answer.
Job Fulfillment – Thirty-nine percent of respondents pointed to spending more time building relationships with clients as a factor in finding fulfillment in their work. Other key factors include the actual administrative tasks including data entry, management reporting, tax return submissions, number-crunching, and developing balance sheets.
Confidence in the Economy – When asked to rate their confidence level in the economy compared to six months earlier, 61 percent responded that they were at least “moderately confident” while another 32 respondents indicated they were “very confident” in the prospects of the national economy. When asked whether they were planning to hire new employees in the next six months, 59 percent of the respondents indicated an affirmative response.
This survey also revealed hurdles for SMBs, related to implementing new technology:
Business Frustrations & Challenges – When asked to cite their biggest frustrations and challenges, answers among the SMB respondents varied greatly. Concerns over healthcare and associated employee costs topped the list at 32 percent, followed closely by government regulations (31 percent), employee management (30 percent), managing cash flow (30 percent), and managing work-life balance (29 percent). In total, there were 10 specific factors highlighted by SMBs in the survey.
Cloud Technology Hurdles – While embracing cloud technology would seem a logical step for growing SMBs, the survey pointed to several significant hurdles in actually implementing and executing a plan. Asked to indicate the “biggest barrier” to moving their business to cloud services, 21percent of the respondents pointed to cost. Another 53 pointed to security concerns while 46 named work flow disruption as a problem.
For more details, read the Right Networks survey HERE.