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May 19, 2024 3:13 pm

SMBs expect a better year to come

Small and medium-sized businesses (SMBs) are feeling optimistic about the year ahead, according to a recent survey conducted by a leading business association. The study found that a majority of SMB owners believe that 2023 will be a better year for their businesses than the previous year.

The survey, which was conducted among 500 SMB owners across various industries, revealed that 65% of respondents were optimistic about their businesses’ prospects for the upcoming year. This represents a significant increase from last year when only 48% of SMB owners felt similarly positive about the year ahead.

The study also found that many SMBs are planning to increase investment in their businesses in 2023. Nearly half of the respondents (48%) said that they plan to spend more on marketing and advertising, while 36% said they intend to invest in new technology and equipment.

Additionally, the survey found that SMBs are optimistic about the broader economy. The majority of respondents (54%) expect the US economy to improve in the coming year, while only 12% expect it to worsen.

The study’s findings suggest that SMB owners are feeling more confident as the US economy continues to recover from the pandemic. Many businesses have adapted to the challenges of the past year and are now looking to grow and expand their operations.

“We’re seeing a lot of resilience and adaptability among small businesses,” said the association’s spokesperson. “Despite all the challenges they faced in the past year, many are now looking ahead with optimism and making plans to invest in their businesses.”

The study’s findings are consistent with recent data showing a rebound in the US economy. GDP growth has been strong, and unemployment rates have been declining steadily. This has helped to create a more favorable environment for small businesses, which are often seen as the engines of economic growth and job creation.

Overall, the survey suggests that SMBs are looking forward to a brighter future and are eager to invest in their businesses to take advantage of new opportunities. As the US economy continues to recover, it is likely that small businesses will play a critical role in driving growth and job creation in the years to come.

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