The Small Business Association of Michigan’s (SBAM) latest June 2013 Small Business Barometer survey of over 1,000 small business owners shows that entrepreneurs are decidedly more upbeat compared to the October 2012 survey.
Hiring, sales and profits are all up compared to last fall. And small business owners report more optimism about their prospects six month from now. “Small businesses have the election in the rear view mirror, so they feel a bit more confidence about the direction of the state’s economy moving forward,” said Michael Rogers, vice president communications for SBAM. “But some headwinds, like the ongoing uncertainty over the implementation of the Affordable Care Act, are still holding back a full blown small business economic recovery.”
The survey found that:
- Twenty-five percent of small business owners said they increased their number of employees (compared to 21 percent in October 2012.)
- Forty-one percent said sales had increased over the past six months (compared to 40 percent in October 2012.)
- Twenty-nine percent said profits had increased (compared to 25 percent in October 2012.)
Looking forward:
- Thirty percent plan to hire more employees (compared to 24 percent in October 2012.)
- Fifty percent said they expect sales to increase to the next six months (compared to 42 percent in October 2012.)
- Forty percent said they expect profits to increase (compared to 32 percent in October 2012.)
In another sign of increasing small business optimism, when asked “how would you rate Michigan as a market for your goods or services,” 46 percent said “pretty good” and ten percent said “excellent.” That’s up from the 41 percent/eight percent ratings reported in June, 2012.