Small businesses have lots to look forward to in 2014
After several years of sluggish recovery from the recession, small businesses finally have reason to be optimistic. According to a new study by Kiplinger, a finance and business forecast publisher, small businesses will experience an increase in profit and sales as the economy continues to stabilize.
Last year marked the highest sales and pace of growth since 2007, and experts suggest that the market will continue to improve. "Small businesses will have a better year this year than they have in a while. Many businesses that were holding off on expansion or equipment replacement will take advantage of improving circumstances to move forward with those plans," reported Gillian White, associate editor for the Kiplinger Letter. "Credit will also be a bit easier to come by this year, which will help small businesses finance equipment purchases or expansion."
The research suggests that businesses in the construction, home maintenance, energy and healthcare industries will see the most significant improvements in 2014. Banks are also looking to increase loan volume, making it easier for entrepreneurs and small business owners to obtain loans. Retail establishments can anticipate higher sales as consumer incomes rise.
Overall, 2013 seems to have set up small businesses for success in the future. Consumers and businesses alike have been putting off making major purchases the past few years, and now reports indicate that 2014 will see the largest increase in sales in the last eight years.
While there are many indications of good things to come in 2014, some small business owners are still concerned over poor winter season sales and the proposed minimum wage hike. If your company is looking to save overhead costs, On Point Executive Center offers a range virtual office services, as well as affordable, beautifully appointed office space in Tampa, Florida.