Ohio Small Business Owners Optimistic – OnlineBusinessDegree.org
Small business owners in Northeast Ohio are fairly confident about the financial future of their businesses, according to a recent survey by The Council of Smaller Enterprises (COSE).
The survey of nearly 400 small business owners in Northeast Ohio is in the second quarter report of COSE’s Small Business Monitor.
The report reveals small business owners’ confidence levels: 31% are very confident about the future of their business while 54% are somewhat confident. Additionally, 78% are experiencing or expecting growth in the next 12 months.
Sales and profits are up among small business owners as well, with 54% reporting an increase in sales in the last 12 months and 48% reporting an increase in profits.
However, only 23% have reported an increase in number of employees. Thirty-two percent made a hire in the second quarter with 43% of those hires being for new positions. The report found that 28% plan to make additional hires in the next six months.
As far as monetary concerns, while 60% of small business owners reported that they had no need for additional financing in the past 12 months, 25% of those that did were unable to secure financing. Credit cards, earnings from the business, and bank loans were the means used the most to meet capital needs in the past 12 months. One in five respondents indicated that they were very or somewhat likely to seek funds in the third quarter of 2012.
Additionally, 66% of small business owners named economic uncertainty the biggest issue they faced looking to the next quarter.
The survey was conducted between July 10 and July 27, 2012.
Follow Valerie Jones on Twitter @ValerieJonesCMN