NSBA Economic Report: Small-Business Outlook Vastly Improved

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Feb 19, 2015, 12:00 ET

WASHINGTON, Feb. 19, 2015 /PRNewswire-USNewswire/ -- The National Small Business Association (NSBA) today released the 2014 Year-End Economic Report which shows a small-business community with a more positive economic outlook than they have had in several years. Today, more small-business owners are anticipating economic expansion in the coming year than at any point in the last seven years.

"Although we're seeing a significant improvement in small-business owners' economic outlook, it's important to note that we're still not in the clear," stated NSBA President and CEO Todd McCracken. "There was an increase among small firms who said an inability to garner financing left them unable to finance increased sales or increase inventory to meet demand."

Economic uncertainty continues to be the most significant challenge facing small-business owners today, but to a far less degree than it was just two years ago. And while job growth remained stagnant, a majority of small firms projected growth opportunities in the coming year for their firms - the highest this indicator has been in five years.

More small firms picked lack of available capital and lack of qualified workers among their top challenges than in previous surveys. So while the economy has improved and they are now more willing to take on additional debt and invest in new workers, there are serious hurdles they face in doing so.

NSBA also asked a host of questions on cybersecurity as part of its policy section.

"Today, half of all small businesses report they have been the victim of a cyber-attack – up from 44 percent just two years ago," said NSBA Chair Timothy Reynolds, president of Tribute, Inc. in Hudson, Ohio. "The cost of dealing with these attacks has skyrocketed to $20,752 per attack up from $8,699 two years ago."

The 2014 Year-End Economic Report was conducted on-line Dec. 29, 2014 – Jan. 12, 2015 among 675 small-business owners.

Please click here to download the full report.

Celebrating more than 75 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America's entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S. Please visit www.nsba.biz or follow us at @NSBAAdvocate.

SOURCE National Small Business Association