New SBAM Survey Shows Small Business Economy in a Holding Pattern But Poised for Growth

The Small Business Association of Michigan’s (SBAM) latest Small Business Barometer survey of 600 small business owners finds that few entrepreneurs reported increases in economic activity over the past half year. But looking forward six months, most respondents are at least modestly optimistic about their prospects for future business growth.

“Michigan has been rapidly expanding its support for entrepreneurial growth and small business job creation, which is much welcomed by small business owners who continue to lean against the headwinds of a struggling national economy,” says Michael Rogers, vice president communications for SBAM. “On the positive side, 86 percent of small business owners says their business outlook for the next six months is good or somewhat good. They are anticipating the enactment of business tax reform on Jan. 1 and a fair percentage of them are already planning to hire more workers.

Over the past six months:

• Thirty-five percent said sales had increased. 

• Twenty-two percent said profits had increased.

• Eleven percent said they increased the number of employees 

• Fifteen percent said they increased employee wages. 

• Eighteen percent of respondents said their major investments in facilities and equipment had increased. 

Looking forward to the next six months:

• Thirty-nine percent said they expect sales to increase. 

• Thirty percent said they expect profits to increase. 

• Fifteen percent plan to hire more employees. 

• Eighteen percent plan to increase wages.