Small business owners feel confident about their prospects, according to the latest Small Biz Index.
The recent survey of 1,000 small business owners was conducted by MetLife (@Metlife) and the U.S. Chamber of Commerce between April 30 and April 21, 2017.
According to the data gathered, 60.6 percent of small business owners said they have a positive outlook for their company.
But despite their optimism, concerns over the economy continue to persist.
The survey found businesses are less pleased with the national and local economies — and the time they spend on regulation.
To understand small business owners’ views better, Rieva Lesonsky (@Rieva), Susan Solovic (@SusanSolovic) and Small Business Trends CEO Anita Campbell (@smallbiztrends) led a Twitter chat June 21. The event was sponsored by MetLife.
See excerpts of the discussion below.
Tips for Overcoming Small Business Challenges
The discussion started with participants describing the overall health of their business.
A1. Growing stronger every day #MetLifeSmallBiz
— Think_Lyndon (@THINK_Lyndon) June 21, 2017
My business is profitable — so I'd call that healthy! Not big – but making money #MetLifeSmallBiz https://t.co/DxDTdRs9w6
— SmallBizOpinions (@SmallBizOpinion) June 21, 2017
A1 I think there is a lot of uncertainty about the economy that is causing a moment of pause.
#metlifesmallbiz— Susan Solovic (@SusanSolovic) June 21, 2017
A1 I'm surprised that many think it is healthy or ok. Caution is good right now; expand slowly without taking on debt #MetlifeSmallBiz https://t.co/4d1iZ2MIge
— Gail Gardner (@GrowMap) June 21, 2017
Participants then shared their biggest challenge this past year.
A2. Finding the right people #MetLifeSmallBiz
— Think_Lyndon (@THINK_Lyndon) June 21, 2017
A4 I struggle w/ relinquishing control and trust. So bringing on new ppl is def going to be a challenge #metlifesmallbiz
— Ti Roberts (@tiroberts) June 21, 2017
Learn how benefits can help small businesses meet challenges head on: https://t.co/nFPS6RMKj0 #sponsored #MetLifeSmallBiz
— Anita Campbell (@smallbiztrends) June 22, 2017
Experts shared their thoughts on their growth prospects in 2017
Q3: Are you looking to grow in 2017? Tell us how please. #MetLifeSmallBiz
— Anita Campbell (@smallbiztrends) June 21, 2017
A3 Yes. By the help of @Fizzle Mastermind group. Kick-off w/ some joint ventures, e.g., 1000Affarsideer @NetZpider #MetLifeSmallBiz https://t.co/IXnn83N5Uy
— Martin Lindeskog (@Lyceum) June 21, 2017
A3 More services to existing clients. #MetLifeSmallBiz
— Shawn Hessinger (@Shawn_Hessinger) June 21, 2017
A3 I hate to say this. BEFORE you hire, see if you can subcontract work out first. Saves you money. #metlifesmallbiz
— Rieva Lesonsky (@Rieva) June 21, 2017
Yes — it's important to subcontract to work out the details of your process- so employees can hit ground running #MetLifeSmallBiz
— Ivana Taylor (@DIYMarketers) June 21, 2017
Are businesses planning to recruit more people this year?
Q4: Do you plan to add staff this year? How are you attracting top talent? #MetLifeSmallBiz
— Anita Campbell (@smallbiztrends) June 21, 2017
Hire people who challenge you. A team of people who agree with you all the time will NOT advance your #smallbiz #metlifesmallbiz
— Rieva Lesonsky (@Rieva) June 21, 2017
A4. make sure it is a work environment that provides benefits and but also empowers your team. #metlifesmallbiz
— Susan Solovic (@SusanSolovic) June 21, 2017
Finally, how would they use unexpected money for their business?
Q5: If you received a no-strings grant or windfall for your business of between $50K-$5M how would you use it? #MetLifeSmallBiz
— Anita Campbell (@smallbiztrends) June 21, 2017
A5. I'd be sure to hire more talent. With the right talent on your team you can accomplish so much. #metlifesmallbiz
— Susan Solovic (@SusanSolovic) June 21, 2017
A5 Focus on investments that translate into revenue growth. #MetLifeSmallBiz
— Shawn Hessinger (@Shawn_Hessinger) June 21, 2017
A5 Building a sales funnel and buying advertising to fill it. Doing some remarketing. Maybe building a community. #MetLifeSmallBiz https://t.co/ABrnyQhNlA
— Gail Gardner (@GrowMap) June 21, 2017
Follow the entire archived Twitter chat at #metlifesmallbiz.
Happy Business Owners Photo via Shutterstock
It was a great chat! Thanks for including one of my tweets! 😉