Two independent surveys of small-business owners have reached similar conclusions: those who run such enterprises are upbeat and looking to expand. First, let’s look at the findings from Bluevine, banking platform for startups and small businesses, including retailers, whose 2024 End-of-Year Business Owner Success Surveyof 1200 small-business owners (SBOs) found while inflation and rising costs are still causing concern for such respondents, they are looking to 2025 with more confidence than they have had in years.
“Despite the challenges small business owners are facing, the demand for capital and investment in growth is unwavering,” said Eyal Lifshitz, Co-Founder and CEO of Bluevine. “Even with inflation, rising costs and a rocky economy, these business owners are staying the course, investing in growth and looking at the long game. It’s clear that even in uncertain times, they’re committed to making things work and positioning themselves for success.”
Specifically, optimism among SBOs is higher than ever, with 79% of business owners expressing confidence in their overall business outlook, up from 73% found in the Mid-Year BOSS Report. Expectations for profitability have risen from 72% to 77%, and revenue forecasts have increased from 70% to 76%. Despite ongoing economic challenges, SBOs remain optimistic about their future growth.
Study #2:
An even more upbeat outlook was reflected in the findings of the latest Small Business Cash Flow Trend Report from OnDeck, a small-business lending company at Enova whose clients include independent shop owners, and Ocrolus, the document AI and cash flow analytics platform for lenders.
“Small businesses are entering the new year with confidence, and we’re seeing that optimism translate into plans for expansion and hiring,” said Jim Granat, Co-President of Small Business at Enova.
Key findings from this survey, which is based on responses from 454 small businesses with working capital loans and over 2 million small business applications for working capital financing during the past 15 months, include:
- Optimism and growth: 94% of small businesses anticipate significant or moderate growth in 2025, a 2% increase compared to Q3 2024.
- Top challenges: 37% of small businesses cited inflation as a top concern, followed by 30% of respondents who see cash flow as their main challenge in the current economic environment.
- Access to working capital: More small businesses are turning to alternative lenders for their financing needs, as 76% of respondents bypassed applying for traditional bank loans, up from 62% in Q4 2023.
Click here for more from the Bluevine survey and here for that done by OnDeck and Ocrolus.