Economists look at certain conditions, such as the housing market, unemployment and stocks, as a barometer to measure the strength of the economy. And if you looked at these particular indicators today, you might say that the economy is in pretty good shape. Home prices and sales continue to rise, unemployment is at its lowest level in five years, and in 2013, the stock market boasted its strongest performance since the Wolf of Wall Street (a.k.a. Jordan Belfort) was making fraudulent deals hand-over-fist.
That's wonderful! But, how are small businesses doing? As a critical component for a healthy economy, the strength of small businesses is a great indicator of how our economy is doing. New data suggests that the conditions are ripe for small business growth now and into the coming years. In fact, 2014 could very well be the largest growth year for many small businesses in the U.S.
Consider the following small business stats:
- 26% of small business owners plan to increase spending in 2014. That’s up 6% from 2013 alone.
- 7.2% rise in small business travel spending this year, according to the Global Business Travel Association, which equates to an additional $288 billion in spending.
- 80% of small business owners aim to increase their number of products and offerings in 2014 while boosting head counts.
Tips for the Small Business Owner
With the economy recovering at a steady pace, the time is right for all small businesses to capitalize on it.
The time is now to start planning for your small business growth:
Set a spending plan. Planning your spending for the year can ensure you are making prudent decisions.
Create a savings plan. Even with a spending plan, you can’t anticipate everything. Make sure you have the ability to be nimble.
Track and manage expenses. Put a plan and service in place to streamline expense report form tracking. Invest in your growth. Don’t be afraid to invest in your company and employees; you will benefit from it in the long run.
Call on the professionals. Free up your time and energy to focus on more important matters.
Looking for ways to easily manage your expenses and invest in your company's growth? Look no further than automated expense reporting, and free up all that time you spend on manually doing your expense reports.