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/.
“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.”
Educational resources can help empower small business owners, too. To learn more about accessing capital, building a team, cultivating a brand and more, check out free resources like the Launch and Grow series, a new video series developed out of a partnership between CIT and Operation HOPE, a global provider of financial education programs. Individuals can follow the content and resources by visiting cit.com/ launchgrow and engage on social media by following #LaunchAndGrow.
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 mo-re about opportunities and resources available to you.