SurePayroll Sees Big Increase in Small Business Optimism
A recent survey conducted by SurePayroll, a payroll provider, indicates that the small businesses with employees between 1 and 10 are more confident about the economy than they have been in the last 2 years.
The ‘December 2014 SurePayroll Small Business Scorecard optimism survey showed that 79% of the small businessmen under survey are confident about economy as compared to 70% in the last year and 55% two years ago.
The confidence in economy showed by the small businessmen is because of the better revenues and profits. 71% of surveyed businessmen reported that they earned more profits in the second half of 2014 as compared to the first half and 61% found the whole year to be profitable.
Seven out of ten small businessmen anticipate increase in profits in 2015 and 40% businessmen under survey have plans of hiring new employees in the upcoming year.
Andy Roe, the general manager at SurePayroll, stated that percentage of businessmen showing optimism is in the high 60s and to increase that percentage to 80% will be an important milestone entering into the New Year. The increased profitability in the second half 2014 suggested that these businesses have gained momentum and more staff will be hired in the next year as a result.
The survey indicated that around half of the small businessmen are still having concerns regarding the slow growth of economy that may pose a challenge in the coming year. However this percentage has changed significantly as compared to last year.
The federal budget is considered as main challenge by 21% respondents, as compared to 38% from last year. While health care reform is seen as the greatest concern by 36% small businessmen surveyed as compared to 55% from last year.
18% (27% last year) of respondents suggested that they will hire more independent contractors as compared to last year. This indicates there might be increase in permanent hiring in the coming year.
The survey found that the overall hiring in small businesses has reduced by 0.4% in the current year but Western and South regions have seen increase of 0.8% and 0.7% respectively.
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