Hiscox eDNA 2012 small businesses and US economy
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The Hiscox eDNA small business survey shows that US small business owners are optimistic about 2013.
Despite continuing economic clouds, things are looking up for US small business owners as we head into 2013. Ever the eternal optimists, 55% of the small business owners in the Hiscox EDNA 2012 survey (link) are optimistic about their prospects for 2013. This isn’t just because they’re all wearing rose colored glasses, a full 50% of small business owners reported profit growth in the 2012 eDNA small business survey.
Around the country
Like all recoveries, the nascent economic upswing is building at different rates across the US. Small business owners in the South were the most optimistic for 2013 (66%), while owners in the Midwest were the least optimistic (45%), a full 10 percentage points below the national average. Not surprisingly, Texas, which never reached the high unemployment rates in other areas of the country, was one of the most optimistic states (61%). However, California small business owners were nearly as optimistic (59%), must be all the sunny weather, or hopefully things are really starting to turn around out there as well.
Prospects for the future are looking up across the country, and especially in the South and West, but there are some areas for concern. Financing for small businesses is still hard to find for most (72%), up from last year and 79% of US small businesses surveyed predicted growth of 10% or less for 2013, only slightly better from last year.
Will to succeed
Small business owners are some of the most determined people around. They will find a way to succeed in any economic environment. The 2012 EDNA survey again demonstrated this – 38% said the weak economy spurred them to work more efficiently and 44% said they are stronger and more determined to succeed than ever. The last few years have been challenging for the economy worldwide, but for US small business owners, the forecast remains party sunny.