Only 29% of Small Business Expect Growth in 2013
April 24, 2013
By Bob Coleman
Editor, Coleman Report
U.S. Bank’s 2013 Annual Small Business Survey
Their 32 page report is chocked full of so much information I will take several blog posts to discuss.
First, start with the basics. U.S. Bank defines a small business as one with revenues of less than $10 million. And it seems to establish a floor of $200,000 in revenues, limiting those with revenues below that threshold participation in the survey.
43% say we are still in a recession, 45% say we are in recovery, and 1% believe we are in expansion.
Other quick notes
· 67% describe their financial health as good
· 29% report higher revenue compared to last year
· 41% expect revenue to be higher next year
· 16% expect to increase staff over the next 12 months.
· 13% have borrowed, or have tried to borrow money
· 52% of borrowers describe the process easier.