Written by: Mathew Hein, Director of Business Banking, Firstrust Bank
With one of the strongest optimism ratings in 45 years*, small business owners are feeling more confident than ever about their company’s future.
In fact, at the beginning of 2018, small businesses were anticipating:
- Growing revenue 9.1 percent on average, up from 8.7 percent one year ago**
- Better performance in 2018 than in 2017, up 12 percentage points**
- Strong business growth, up 10% from the expectations of late 2016**
But even with record-high expectations and a strong outlook for overall business performance in the upcoming year, how do you decide if it is time to invest in growing your business? Here are 4 signs it may be time to take the plunge and focus on expansion.
The good news is, with the economic climate we’re in now, small businesses are also more optimistic in their ability to raise financing to grow their business, even reporting higher success rates in acquiring loan financing from banks—up 8 percentage points from 2017**.
As they say in the business world, you either grow or you die. So if you’re ready to take your business to the next level, take advantage of the positive momentum and act now.
Put Insights Into Action: Firstrust Business Line of Credit
* NFIB Small Business Optimism Index, January 2018