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NSBA: Small-Business Outlook Dims

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NSBA: Small-Business Outlook Dims

Simplifying the tax code a high priority.

According to a new survey from the National Small Business Association, small businesses have a less positive outlook on the overall economy than just six months ago. However, the majority remain confident in their own business with projections of growth in the coming year.

Just 35% say the economy compared with one year ago is better.

"Despite the dip in broad economic outlook, there was a notable jump in small-business owners who say they plan to hire new employees as part of a growth strategy in the coming 12 months. The 28% of small firms indicating their intention to add new workers is the highest this indicator has been in more than seven years, and up from 23% just six months ago," stated NSBA President and CEO Todd McCracken. 

Underscoring projected small-business growth, slightly more small firms are using outside financing and carrying debt – changes that indicate more small-business owners are looking to grow and bring on new people. Furthermore, the survey also found a notable drop among those who cited decreases in revenue from 34% to 29% today, the lowest this indicator has been in more than seven years.

While the July 2015 survey showed a less positive overall small-business community than the December 2014 survey—today, just 35% say the economy compared with one year ago is better, whereas in December 2014, that number was 45%—the numbers do show continued long-term positive growth for America's small businesses.

"Small businesses today are poised for growth, however it is critical that Congress focus on making that growth achievable," said NSBA Chair Timothy Reynolds, president of Tribute, Inc. in Hudson, Ohio. "The number one thing small firms want our lawmakers to do is simplify the tax system, and that will take honest, bipartisan work—not empty campaign rhetoric."

 

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