New SBAM survey shows small business caution
August 12, 2016
A slight slowdown in sales, profits and hiring indicate some pullback in the small business economy, according to the latest Small Business Association of Michigan (SBAM) Barometer survey.
“We’re not hearing any serious worries expressed yet, but after a couple years of strong economic performance, entrepreneurs seem to be tapping the brakes a bit,” says SBAM Vice President Communications Michael Rogers. “One of the biggest issue they continue to face is access to qualified talent – and it’s a problem that’s not going to be resolved quickly.”
Small business owners say that over the previous six months:
- Forty percent had sales increases (down from 50 percent six months ago)
- Thirty percent said profits had increased (down from 37 percent)
- Twenty-seven percent said they hired more workers (down from 32 percent)
Looking forward over the next six months:
- Sixty percent said they expect sales to go up (down from 63 percent six months ago)
- Fifty-four percent said they expect profits to increase (the same as six months earlier)
- Thirty-four percent intend to hire more workers (down from a record high of 40 percent)
Six hundred thirty-six small business executives were interviewed in late spring 2016 for this round of the Barometer survey.