News

Small businesses see revenue boost ahead, feeling optimistic

May 31, 2019

More than half of small businesses are feeling confident regarding growth this year and expect to enjoy a more robust revenue increase compared to last year.

The strong confidence, according to TD Bank's 2019 Small Business Survey, comes despite concern over the state of the national economy and inflation, according to a press release.

Small business owners are also more focused on hiring this year, with 23% expecting to grow staff compared to 21% last year. To fund growth, small businesses are most likely to expand product and services and seek additional credit, according to the release.

"Small business owners frequently report a positive outlook for their business, but they need to create strategies that account for growing headwinds and plans for how to increase revenue while reducing costs," said Jay DesMarteau, head of commercial specialty segments at TD Bank, in the release. "Small businesses often are called the backbone of the American economy, and their continued dedication to their communities is important whether they are an internet business or a storefront. This commitment makes small businesses valuable assets to their region and can help shelter SBOs (small business owners) from some national pressures."