Nine out of 10 small-business owners have a positive outlook about the prospects for their businesses over the next 12 months, up from 80% a year ago, according to a new survey by TD Bank. Nearly two in three (64%) respondents expect their business revenue and sales to increase in the next 12 months. At the same time, more than half (59%) said they plan to expand their products and services. Nearly all respondents (94%) said they have no plans to sell or close their businesses in the near future.
Still, the survey found that inflation continues to pressure small businesses. More than half of respondents cited both inflation and interest rates (56%) and the increasing costs of supplies, materials and equipment (58%) as top concerns. Roughly two in three respondents (64%) said they will have additional credit or financing needs over the next 12 months. Of that group, half (50%) said that the loan or line of credit would be used to maintain company operations, with others saying they would use the funding to support expansion into new market verticals (47%) and launching a new product or service line (45%).
