The past year has been positive for the U.S. economy overall, and the economic progress made during the last 12 months shows no sign of slowing in the new year. Bloomberg’s latest Consumer Comfort Index hit 41.7 on Dec. 14, which represents its highest score since before the economic downturn began in 2007. That result is the product of low gas prices and the first widespread wage increase for American workers in years.
Small-business owners are likely to benefit from improved consumer confidence as more individuals feel comfortable opening their wallets at local retailers. The opportunity for better financial results in the early parts of next year coincides with the chance for small businesses to expand their client base and produce more revenue.
Opportunities for expanded small-business financing will multiply in the coming year, according to Forbes. Peer to peer lending and other methods of gaining capital will revolutionize the way small businesses attain funding. In concert with increased sales from newly confident consumers, this could fund aggressive small business expansion plans. If that’s the case, the coming year could see a boom in business insurance purchases as small-business owners alter their policies to accommodate new needs.
