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CNBC/SurveyMonkey Poll Finds Increase in Small Business Hiring, Revenue, and Expectations

What's Hot in Small Business – Chris Crum
Chris Crum writes for Small Business Resources about what's new for small business. Chris was a featured writer with the iEntry Network of B2B Publications where hundreds of publications linked to his articles including the Wall Street Journal, USA Today, LA Times and the New York Times.

CNBC/SurveyMonkey Poll Finds Increase in Small Business Hiring, Revenue, and Expectations

CNBC/SurveyMonkey Poll Finds Increase in Small Business Hiring, Revenue, and Expectations

CNBC and SurveyMonkey recently announced the results of their quarterly Small Business Survey, finding that hiring, revenue, and expectations have all been on the rise. The data were collected from April 15 to April 22, 2019, from a national sample of 2,100 small business owners ages 18 and older.

The organizations see their quarterly poll as a means of measuring the economy's vitality and a "view from Main Street" on jobs, taxes, and other important topics that affect small businesses.

SurveyMonkey chief research officer John Cohen commented, “Across a number of key fronts, small business owners’ expectations are rosier this quarter, adding to the evidence that we’re in the midst of a hot economy. At the same time, the robust optimism we’ve seen among small business owners for tax policy improvements has faded as partisan rancor has increased in Washington, keeping the overall index in check.”

Fifty-six percent of those who responded to the survey said that current business conditions are "good." That's up from 52 percent in the previous quarter.  Here's what the numbers look like by firm size:

Image via CNBC

Sixty percent also said they expect an increase in revenue. That number is up from 57 percent in Q1. Thirty-one percent said they expect an increase in full-time employee numbers, a gain of three percentage points from the prior quarter.

According to SurveyMonkey, these three factors combined to increase its small business confidence index score from 58 to 59 in Q2. The firm does note that the overall confidence index is tempered by the "diminishing positive impact of tax policy changes." Just 28 percent of small business owners expect changes in tax policy to have a positive effect on their businesses over the next 12 months. That's down from 31 percent in the first quarter and 44 percent in Q2 2018.

The poll also found that 52 percent of small business owners believe it's harder to find qualified individuals to hire than it was a year ago. For those businesses with over 50 employees, 63 percent believe it's harder. Forty-four percent of businesses of that size expect the cost of labor to increase faster than the cost of raw materials or the cost of capital over the next year. For this reason, companies anticipate raising wages to help fill open positions, according to SurveyMonkey.

The survey also found that small businesses are showing no signs of moving away from Facebook, despite any negative press the social giant has been getting.

Image via Facebook

Another key finding of the survey is that 26 percent of small business owners have advertised on Facebook within the past few months. That is roughly the same as a year ago.  Sixty-eight percent of small business owners who have purchased Facebook ads in the past say they'll either spend more in the coming months (18 percent), or keep their Facebook ad-spend the same.

Another key finding of the survey is that 26 percent of small business owners have advertised on Facebook within the past few months. That is roughly the same as a year ago.  Sixty-eight percent of small business owners who have purchased Facebook ads in the past say they'll either spend more in the coming months (18 percent), or keep their Facebook ad-spend the same.


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