Business Trends


12 05 2013

12 05 2013

Small Business Owners Plan To Grow But Challenged By Skills Gap, Healthcare

Although headwinds remain strong, small business owners have an improved outlook on the year ahead. According to the latest Small Business Owner Report from Bank of America, 56 percent of owners expect revenue to increase during the next 12 months. Also in that time period, 41 percent expect the national economy to improve and 45 percent expect the local economy to get better. Only 34 percent and 38 percent said the same in 2012, respectively, suggesting that confidence has increased this year.

Many owners are hoping to expand their operations, as nearly one-third plan to hire new employees in the next year. The top reasons given for adding staff was to increase business and bring new skills to the team. However, nearly half of owners said it is a challenge to find qualified workers.

Many struggle to find candidates knowledgeable about their industry and skilled with tools of the trade. While it is possible to train unskilled workers, the process can put an extra strain on managers, especially if employee retention is low: 59 percent of small business owners said they had some degree of frustration with their staff. While lack of skills was a notable issues, employers were generally more troubled by workers’ poor time management and lack of proactive thinking.

Health care, government presenting challenges

Employee management, however, was just one small business owner concern. More than three-quarters noted health care costs and government mismanagement as the top concerns they will face in the next 12 months. Thirty-five percent of owners said their hiring plans are being affected by health care legislation, with 9 percent saying they are dropping hiring plans altogether because of it.

Fears of inadequate government leadership are likely related to federal budget plans, which will reach deadlines in the next few months. Low consumer spending, high commodity prices and decreased value of the U.S. dollar, which were other concerns reported in the survey, could be potential consequences of a government default.

But despite these concerns, the majority of small business owners are still expecting increased revenue in the coming year. As these owners develop growth strategies for 2014, some may find it beneficial to increase their capital. Owners should consult a small business lender that will cater to their needs. National Funding offers a simple and quick application process, giving small business owners an alternative to the unreliable and time-consuming hassle of banks.


  • Prepare your landscape business for summer

    4 Ways To Prepare Your Landscaping Business For Summer

    As the winter months come to a close, home and business owners will begin to ponder their lawns and gardens. They know their landscaping is important for inspiring positive first impressions of their property. And who will they turn to for the landscaping tune-up? Your landscaping company, of course! As such, now is the time… […]

  • 3 ways small businesses lose money

    3 Common Ways Small Businesses Waste Money

    Running a small business can be incredibly rewarding. At the same time, though, it can also be really difficult. Few people are experts in every aspect of entrepreneurship. For example, you might be amazing at sales, but accounting isn't your strong suit. In any case, lack of information and expertise results in profit loss for… […]

  • Press Release

    National Funding Holiday Bowl Kickoff Luncheon

    National Funding Kickoff Luncheon Set for Dec. 27 Featuring Teams In 2017 San Diego County Credit Union Holiday Bowl SAN DIEGO (November 16, 2017) – College football fans will have the rare opportunity to mingle with players and coaches from the San Diego County Credit Union Holiday Bowl at the National Funding Kickoff Luncheon on… […]

  • How to use live chat software in sales

    How To Use Live Chat Software To Improve Small Business Sales

    When your customers have a question - whether it's about your offerings, a small detail of a product or the sales process itself - giving them a prompt answer might be the difference between a sale and a lost prospect. Unfortunately, many online retailers find that the final step in the sales process - making the… […]