New Insights and Resources for Small Businesses
May 30, 2018 03:45PM
● By Staff Writer
Small businesses are critical to powering the national economy. They are also responsible for creating two out of every three new jobs in the country each year, according to the U.S. Small Business Administration.
Are you a small business owner or looking to start your own company? Consider the following trends and developments.
Three out of four small businesses expect to increase their range of products and services in the next year, according to a recent survey commissioned by CIT Group and conducted by The Harris Poll.
According to the survey, top priorities include expanding within current geographies (72 percent) and adjacent markets 58 percent). Half of small businesses also say improving technology is a top investment priority this year, followed by equipment upgrades (47 percent) and hiring staff (36 percent). Despite optimism, some concerns for small business owners remain around data security, inflation, interest rates and capital costs in the coming year. Full survey results and methodology can be found at cit.com/blog/small-business-outlook/.
Local Business Resources To Consider:
- Lafayette Economic Development Athourity (LEDA) www.lafayette.org
- Opportunity Machine www.opportunitymachine.org
“Understanding these key trends can help small businesses innovate and contextualize potential challenges,” says John Donohue, head of CIT’s digital small business lending group. “Whether a business is updating its technology, purchasing new equipment or expanding into new markets, an experienced lender can provide the capital needed.”
Additionally, the U.S. Small Business Administration’s Learning Center provides online courses to help you learn about the financing process and a number of other critical small business topics.
To grow your small business, learn more about opportunities and resources available to you. In Acadiana, there are many organizations eager to help you grow, understand, and thrive in business.