Small Business Index Survey

Overview

Florida’s small businesses are essential to the recovery of the state’s economy. Small businesses now account for three-quarters of all new jobs in this country, and these business owners embody the spirit of innovation, entrepreneurship and individual initiative. It is critical the Florida Chamber of Commerce understands what issues are most important to small businesses.

The Small Business Index Survey tracks trends and issues affecting small businesses in Florida. Small business owners are surveyed quarterly in order to monitor small business trends and identify emerging issues that may be addressed by the Florida Chamber’s Small Business Council.

March 2012 Survey Results

Conducted: March 5 – March 23, 2012
Responses: 330

The top issues facing Florida’s small businesses continue to include economic uncertainty, access to capital, government regulations, health care, taxes and workforce issues.  The majority of respondents – 68%– are somewhat worried or very worried that regulations, restrictions and taxes will negatively impact their ability to do business compared to 30% who are not very worried or not at all worried.

Positive highlights of the results include hiring expectations and overall business health:

• 37% of employers plan to hire employees during the next six months, up sharply from 30% in July 2011, while only 3% plan to lay off employees, down from 8% in July 2011.
• 45% percent of respondents identified economic uncertainty as an obstacle preventing them from hiring new employees, while 30% say it is lack of sales keeping them from hiring.
• 34% of respondents believe their business is better off than it was six months ago, up from 27% in July 2011.  Comparatively, 12% believe their business is worse off today than it was six months ago, down from 20% in July.

Access to capital remains an issue that small business owners are facing.  Of the respondents that needed financing during the last six months, 29% were able to obtain it, up from 24% in July and 21% in February of 2011.  20% were not able to get the needed financing, down slightly from 22% in July and 25% in February 2011.  However, small businesses continue to expect it to be difficult to get financing, with 39% responding that it will be harder to obtain financing in the next six months, compared to 14% who believe it will be easier.

Over the last year, we have seen all trends moving in a positive direction, with more and more small businesses looking to hire employees, fewer looking to lay off employees, and a significant amount able to obtain the needed access to capital to run and expand their businesses.  Through the State Small Business Credit Initiative, an issue strongly supported by the Florida Chamber’s Small Business Council, we expect small businesses to have more access to the capital needed for adequate financing over the next several months as the program is implemented in Florida.

Please click here for a full copy of the results and analysis.

Please click here for results and analysis from the July 2011 survey.

Please click here for results and analysis from the February 2011 survey.