Small-biz optimism hits post-recession peak
Optimism among small businesses in the United States is at an all-time high since the Great Recession, but most are finding it hard to grow, according to a survey by financial services firm Capital One.
According to the survey, small business sentiment has increased 33 percent since 2009 following the depths of the Great Recession, and continues to improve in 2015.
"Many entrepreneurs are focusing less on recovery and looking ahead toward new prospects and growth,” said Keri Gohman, head of small business banking at Capital One, in a statement. “This is a terrific sign for our local and national economies” given the impact of small businesses on innovation and in creating jobs.
Despite their increasing optimism, small business owners continue to face challenges in attracting and retaining customers. According to the recent survey of 505 small business owners, conducted online by Harris Poll in April, 76 percent of owners face marketing challenges, with 39 percent claiming they had not executed any marketing initiatives in the last six months. Some of the challenges uncovered by the survey include:
- Identifying and reaching new customer prospects (41 percent);
- Finding money to market their businesses (32 percent);
- Gaining attention due to local competition (18 percent);
- Getting advice on the best marketing approaches (18 percent); and
- Customer retention (17 percent).
WBJ Web Partners
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