News
 Here’s
Why Small Biz Owners Are Optimistic
Small business owners are feeling positive about the
future of their businesses. Despite mixed reviews on
the economy, why do small business owners have such
a fresh outlook on life?
A new global study from MasterCard International
shows that 60 percent of small business owners say
the future of their business is promising and over
half are confident they will meet their financial
goals this year. About 65 percent say they would
tell a friend to start a new business now, rather
than wait it out a year.
Technology will play a big part in cementing the
future of a small business. The study shows 90
percent of small business owners believe technology
is important to their business’s future. About 80
percent agree that technology creates financial
opportunities for businesses.
While 67 percent say that small businesses that
implant technology into their culture gain a
competitive edge – many small businesses aren’t into
committing a huge chunk of their budgets to
technology. According to the study, nearly 60
percent plan to spend only 10 percent or less of
their budget on tech upgrades, and only 21 percent
feel their business is on the leading edge of
technology for their industry.
The biggest challenge in store for small business
owners this year: sales and business development.
Twenty-eight percent of small business owners cited
these obstacles, while 24 percent cited cost
increases and 15 percent noted competition. When
asked to forecast for next year, small business
owners note payroll expenses (40 percent) will be
their business’s greatest expense, followed by tech
upgrades (19 percent) and capital expenditures (17
percent).
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