Adminstaff, the nations leading professional employer organization has conducted another survey in late October regarding small business owner’s confidence for the future. Again the year 2007 looks pretty optimistic for small business owners with 70% saying they expect their companies to exceed this year’s growth levels in 2007. The breakdown of small business growth will be reflected in the following ways:
70% plan to add employees
5% expected a drop-off in their workforce
59% expect to see an increase in employee compensation
33% plan to maintain their current compensation levels
64% expect to pay employees overtime
44% plan to increase capital spending
There were also a few challenges noted in the survey that small business owners will have to overcome. The majority of these challenges are the same ones that our larger counterparts must overcome in 2007, including:
Controlling costs
Retaining their best employees
The economic outlook
Increased business competition
As a whole, the small business outlook looks pretty good for the small business owner. It will take a collaborative effort by small business owners, employees, and their advisors to ensure that 2007 is a prosperous year for all. With effective planning now, the small business owner will be able to keep their Business N Synergy in 2007.
Brian N. Stovall
www.thebricogroup.com
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