Small business optimism A U.S. Chamber of Commerce report obtained by Fox Digital News shows revenue will grow when President-elect Donald Trump begins his second administration in 2025.
MetLife and american chamber of commerce A report released Monday morning showed that seven in 10 small businesses (72%) said they expect revenue to increase next year. Data show that only 65% of companies said they expected revenue to increase last year.
"Optimism is growing small business owner Bradd Chignoli, executive vice president and head of regional operations and workforce engagement at MetLife, said in a press release, "As we move into 2025, this is a positive sign since the beginning of the year and may indicate that the new year will have Opportunities will increase for new talent.
The Small Business Index is a partnership between MetLife and the U.S. Chamber of Commerce that measures the expectations of small business owners and leaders. The survey released Monday was conducted between Oct. 7 and Oct. 21, before election results were announced, and included responses from 750 small business owners and operators.
Then-former President Donald Trump speaks during a campaign event in Mint Hill, North Carolina, Wednesday, September 25, 2024. (AP Photo/Evan Vucci, File)
A majority of business owners (70%) say holiday shopping is critical to their overall bottom line, a number slightly lower than the fourth-quarter 2022 report, which found 79% of business owners felt the same way.
The report found that inflation is a top concern for small business owners — and has been for the past two years. However, this year more and more business owners are reporting that Whether it is the U.S. economy Their local economies are also healthier than they were this time last year.
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32% of business owners said the U.S. economy is in better shape than in 2023, up from 25% last year; 38% said the local economy is healthier than last year, compared with 30% last year.
The survey also found that a majority of small business owners (51%) say red tape – including licensing, certification and licensing requirements – makes it harder to grow their business. And 47% of respondents said they spend too much time and effort complying with regulatory requirements.
38% of business owners say the local economy is healthier than last year. (iStock)
"Too much regulation is a headache "For small businesses, even if they are confident in their compliance capabilities or have the ability to outsource compliance tasks, this quarter's survey shows that These requirements are complex.
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Some 39% of respondents said they have increased their time and resources to comply with regulations in the past six months alone, up from 33% in the previous quarter. Complying with tax, bookkeeping, payroll and licensing regulations takes up "a substantial or substantial amount" of business owners' time, the report said.
The overall index score for the quarter was 69.1, down slightly from 71.2 last quarter, as business owners reported increasing time and resources invested in regulatory compliance.
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Small businesses have been strained in recent years as inflation has increased and consumer wallets have shrunk. In a highly anticipated election cycle This year, Trump campaigned, in part, on Lower what Americans spend at checkout. Trump defeated Vice President Kamala Harris at the ballot box last month, winning 312 electoral votes to Harris' 226.
Then-former President Donald Trump gestures as he takes the stage during a campaign rally in Coachella, California, on October 12, 2024. (Mario Tama/Getty Images)
"I promise low taxes, low regulations, low energy costs, low interest rates, secure borders, low crime and dramatically increased incomes for citizens of every race, religion, color and creed," Trump said during the September campaign. "My plan will be soon. beat inflationrapidly lowering prices and reigniting explosive economic growth.
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“I take care of our economy like my own company in every decision I make. I ask, will I create jobs here, or will I Dispatched to work overseas? Will it make America richer and stronger, or will it make our country weaker and poorer? When our country was hit by the China Virus, we saved the economy. We saved tens of millions of jobs.