Third Annual First Citizens Bank Small Business Forecast Shows U.S. Small Business Owners Plan to Grow, Millennials Optimisti...
October 05 2017 - 2:06PM
The third annual First Citizens Bank Small Business Forecast
reveals that the majority of small business owners plan to grow
their business this year. Overall, 71 percent of respondents expect
to grow their business while 82 percent of millennials look for
their business to expand in the next six to 12 months.
The forecast also found millennials are generally more
optimistic and eager to expand their businesses compared to baby
boomers and Gen Xers. One area of concern for millennial business
owners is employee retention, with about one in five saying they
did not expect retaining employees to be as difficult as it has
been.
While small business owners were satisfied with their business
performance, 68 percent expressed optimism around future economic
conditions. Millennial small business owners have the most
confidence in the U.S. economy (81 percent), an increase from 2016.
In general, those surveyed agree that the state where their
business is located is a great place to start a business. Of the
states surveyed, North Carolina had the most significant increase
in optimism around economic conditions, rising three percentage
points from last year.
Kate Stackhouse, manager of sales effectiveness at First
Citizens Bank, acknowledges the success of small business owners
saying, “2017 continues to be a strong year for small businesses,
and small business owners are poised to use their ideas and
accomplishments to have an even greater impact on the economy. It’s
important to do all that we can to help them navigate and to put
their future aspirations within reach.”
Other findings include:
- Millennial small business owners plan to address their concern
around retaining employees by hiring additional employees (47
percent).
- Thirty-four percent of small business owners are also planning
to expand their business by securing additional funds through a
bank loan, personal savings or a business credit card in the next
six to 12 months.
- Skilled trade small business owners feel a greater sense of
responsibility for their employees and their families (42 percent),
compared to non-skilled trade business owners (28 percent).
- Driving customer awareness through digital marketing is a top
tactic for small business owners. Sixty-four percent reported their
customers find out about their business through their website and
60 percent of respondents said their customers discover their
business through the business’s social properties.
- Of the small business owners surveyed, 49 percent stated that
social media is one of the most popular resources to learn about
small business trends. The percentage of small business owners who
indicated attending conferences as a good way to learn about trends
increased by eight percent compared to last year’s survey.
The First Citizens Bank Small Business Forecast is conducted
annually in California, Florida, South Carolina and North Carolina
to assess the motivations, sentiment and success of U.S. small
business owners. For more information, visit
www.firstcitizens.com/smallbizstudy.
About First Citizens BankFounded in 1898 and
headquartered in Raleigh, N.C., First Citizens Bank is the largest
family-controlled bank in the U.S., with offices in 21 states.
Drawing from over a century of experience serving the needs of
business customers, First Citizens focuses on developing long-term
relationships and offers a comprehensive array of products and
services to help small businesses manage their finances and grow.
First Citizens Bank is a major subsidiary of First Citizens
BancShares Inc. (Nasdaq:FCNCA), which has over $34 billion in
assets. For more information, call toll free 1.866.FCB 4BIZ
(1.866.322.4249) or visit firstcitizens.com/business. First
Citizens Bank. Forever First®.
Contact:Barbara ThompsonFirst Citizens Bank919.716.2716
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