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Despite Angst, 2013 Was Good For Small Business; Owners Upbeat For 2014, Plan To Boost Marketing January 07, 2014 (0 comments)

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Merrick, NY—Despite all the angst in Washington, 2013 turned out to be a pretty good year for small business owners. According to this blog by Rocket Lawyer, a majority of small businesses met or exceeded growth expectations for 2013, and 80% of small business owners are optimistic that 2014 will be even better.

In a semi-annual survey, Rocket Lawyer polls small business owners about their plans, concerns, and general outlook. In December 2013, while 80% of respondents were confident that 2014 will bring more growth, 30% still said they’re concerned about the economy overall, and 50% said that uncertainty is their biggest impediment to growth.

When asked what their top priorities are for 2014, 46% pointed to increasing their brand presence and marketing efforts. Only 26% plan to seek funding for growth or expansion, 13% put product or service development as a key priority, and only 6% said increasing staff is a priority.

The survey also asked about the Affordable Care Act (aka Obamacare), which some pundits believe will hurt small businesses. According to respondents, however, it’s not as dramatic an issue. 45% don’t plan to enroll in it, while a total of 54% either will or aren’t sure. Among those who don’t plan to enroll, 40% say the main reason is simply because they have fewer than the threshold of 50 employees—not because they’re opposed to it. 30.25% already have health care plans they’re happy with and don’t need it. Only 8.25% of respondents identified themselves as “adamantly opposed” to ACA.

According to the survey, the fields where small business owners see the most opportunity are technology (36%) and health care (27%). Only 5% saw the most opportunity in retail.

And, while only 6% said hiring new staff is a top priority, more than 35% still plan to hire in some form. For more than half, it will be independent contractors. About half will add full-time employees; 40% will add part-time employees, and 15% will add interns.

Read more here.

Top image: RocketLawyer.com

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