Small Business Index Survey
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.
2013 Quarter 2 Survey Results
Conducted: March 21 – May 12, 2013
Florida Small Business Index: 2013 Quarter 2 Results (PDF Document)
Despite economic uncertainty and concerns about government regulation impacting small business growth, economic optimism is growing among Florida’s small businesses, according to the latest Florida Chamber of Commerce Small Business Index Survey.
Economic uncertainty is once again the top issue facing small businesses in Florida, though the majority of respondents – 61%– expect the economy to improve during the next three years.
“This week marks National Small Business Week, yet too many Florida businesses continue to experience economic uncertainty,” said John Medina, Chair, Florida Chamber Small Business Council and President, Medina Consultants. “Given that small businesses create four out of five new jobs in Florida, it’s encouraging to see Florida job creators beginning to feel a bit more optimistic. The Florida Chamber continues its fight to help ensure a more stable and predictable business climate by securing Florida’s future through economic growth and job creation.”
According to the survey, 36% of small businesses believe they are better off today than six months ago – up from 32% in December 2012. Regarding hiring, 32% of employers plan to hire employees during the next six months – up from 29% in December 2012.
Regarding sales, 42% are reporting higher sales compared to the same period last year, and 55% believe the economy will improve over the next year, while 61% believe it will improve over the next three years.
Additional key findings from the Florida Chamber’s Quarterly Small Business Index Survey:
- Better Off: 36% believe their business is better off than six months ago – UP 4% from last quarter,
- Worse Off: 23% believe their business is worse off today than six months ago – DOWN 3% from December, 2012,
- 32% of employers plan to hire employees during the next six months – UP from 29% in December, 2013,
- 30% say economic uncertainty is keeping them from hiring, while 26% identified lack of sales as an obstacle preventing them from hiring new employees,
- Economic Uncertainty – Access to Capital: Of respondents needing financing during the last six months:
- 52% were able to obtain it – UP from 17% in December,
- 48% were not able to get the needed financing – DOWN from 83% in December,
- 30% believe it will be harder to obtain over the next six months compared to just 18% who believes it will be easier.
- Economic Uncertainty – Regulations: 68% are worried or very worried that regulations, restrictions and taxes will negatively impact their ability to do business compared to 31% who are not very worried or not worried at all.
- Economic Outlook:
- 55% of small business owners expect the economy to improve during the next year, and 61% expect the economy to improve during the next three years.
- 35% believe the economy will weaken over the next year and 28% expect the economy will weaken over the next three years.
- 42% expect company sales to increase over the next three months, and 66% expect their sales to increase over the next year – compared to only 17% expecting sales to decrease over each time period respectively.
The Florida Chamber’s Small Business Index Survey was conducted electronically March 21 through May 12, 2013 and received 262 unique responses.