Small Business Confidence Level Dips in Northeast Ohio

CLEVELAND, Sept. 8, 2014 /PRNewswire-USNewswire/ -- The confidence level of small business owners in Northeast Ohio has seemed to have peaked and is now lower compared to the level of those surveyed in late-2012.  That's according to a recent survey of 213 small businesses in the Cleveland area by the Council of Smaller Enterprises (COSE).

COSE has released its Small Business Monitor survey that tracks trends, economic indicators and opinions of some of its 14,000-plus small business members.  The survey is conducted quarterly and is sponsored by FirstMerit Bank.

A snapshot of findings includes:

• 29% reported "feeling better" about the national economy, compared with 41% in 2012
• 16% reported feeling "very confident" about the future of their business, down from 31%  in 2012
• 9% reported feeling "not at all confident" about the future of their business, up from only 1%  in 2012
• When asked what challenges have most significantly impacted the growth and survival of their business, the cost of health insurance (54%), economic uncertainly (50%) and decline in consumer spending (41%) were mentioned most
• When asked where they would invest a sudden $1 million windfall in their business, most responses were clustered into three areas: personnel investments (41%), capital spending (33%) and business development (27%)

COSE's full report on the survey's findings can be found at www.cose.org/SBMsurvey.  For more information on the COSE Small Business Monitor survey, contact Randy Carpenter at [email protected] or (216) 592-2371.

About COSE
COSE (Council of Smaller Enterprises) is committed to empowering small business success through a series of programs, services, events, and resources that support entrepreneurs, their businesses—and their employees. COSE helps small businesses achieve their idea of success in order to build richer, more vibrant communities that improve the economic climate and enhance quality of life.  You can learn more about COSE at www.cose.org or contacting one of our small business concierges at 866-553-5427.

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SOURCE Council of Smaller Enterprises