Many small businesses are unsure about the pace of economic recovery in the United States, but 38 percent plan to increase their number of employees, while only 5 percent are laying off staff members, according to a recent survey from Insperity.
Three-quarters of small business owners who responded to the survey said they are either meeting or exceeding their performance plans throughout the year, while only 24 percent of small businesses are not doing as well as they thought they would.
“Many owners of small and medium-sized businesses appear to be optimistic, but are taking a guarded approach to business operations,” said Paul Sarvadi, chairman and CEO at Insperity. “True to form, the entrepreneurial spirit that started these firms is alive and well. However, an uncertain economy and impending election appear to be weighing in on business decisions.”
In order to supplement growth throughout uncertain economic times, 73 percent of small businesses are looking to add new accounts, while 46 percent are creating new products or services.
These small business owners are moving forward while admittedly still unsure about the economic situation, which is why they must make sure they are protected with small business insurance in case the economy does not recover like many expect it to, and they face costs related to unexpected circumstances.
