New Quarterly Index from the U.S. Chamber and
MetLife Reveals the 360-Degree View from Main Street
The inaugural MetLife & U.S. Chamber of Commerce Small
Business Index (Index), released today, found that nearly
two-thirds of small business owners are expecting revenue growth
and looking to hire despite harboring concerns about the health of
the national economy. Based on telephone interviews with 1,000
small business owners and operators, the survey found that nearly a
third plan to hire more employees and 60 percent expect revenue to
increase in the year ahead. Comparatively, only 6 percent plan to
reduce their staff size and 9 percent are forecasting a decrease in
revenue.
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“Our Index revealed that there is a huge potential for growth on
Main Streets across the country. Not only are small businesses
looking to add employees, but they’re optimistic about growing
their revenue and investing back in their companies,” said Suzanne
Clark, senior executive vice president at the U.S. Chamber of
Commerce. “Strong economic growth is the key to unlocking the
potential of America’s entrepreneurs. Now more than ever, it’s
important for us to understand their perspectives so we can help
them succeed and grow.”
The majority of respondents (61 percent) rated the health of
their small business as good or very good, with confidence
increasing with the size of the company. More than 40 percent
graded their local economy positively. But only 33 percent believe
the U.S. economy is in somewhat or very good health, with one
quarter (25 percent) saying that the economy is in poor or somewhat
poor health.
“Small businesses strengthen the fabric of our communities and
are the backbone of the American economy, accounting for more than
half of the nation’s economic output today,” added James W. Reid,
executive vice president for Regional & Small Business
Solutions at MetLife. “Our Index can elevate the voice of the small
business owner, and, quarter after quarter, their voice will help
everyone to work towards solutions that translate into small
business success.”
This first edition of the Index produced an overall score of
60.6 (on a scale of 0 to 100), which indicates that 60.6 percent of
small business owners currently have a positive outlook for their
company and the environment in which they operate. The score takes
into account small business owners’ responses to 10 questions
spanning three topics: the current health of their business; their
views on the economy and other external forces that impact their
company; and their plans and expectations for the near future.
Future quarterly scores will reflect movement and add depth to the
research, including state-level analysis.
Additional Findings and the Voice of the Small Business
Owner
Part of this new research effort includes gathering personal
stories that illuminate the unique challenges facing today’s small
businesses.
StaffingMany small business owners
reported struggling to find high quality candidates for their open
jobs. One quarter (25 percent) described the quality of recruits
applying for their positions as poor. In key sectors of the
economy, only 27 percent of manufacturers and 26 percent of
retailers reported getting good or very good recruits.
A day spa owner from South Carolina said:
“We are definitely hoping to add staff this
year, but there is a huge skills gap in our area for the licensed
spa professionals that I employ.”
CompetitionRoughly three-quarters
(76 percent) report that the amount of competition is consistent
with six months ago, and around 15 percent report facing more
competition. This is particularly true for larger businesses in the
small business segment (100-500 employees), among which 26 percent
report facing increased competition.
A Colorado coffee roaster weighed in by saying:
“We have started to see a lot more
competition in the area. It seems like people are very interested
in owning their own small businesses in coffee…We have taken steps
to alleviate that through advertising and marketing and social
media.”
A Fayetteville, New York small business owner added:
“Many local small businesses are still
dealing with the challenges that affect business on a national
level as well: health care costs, meeting the demands of
competition and keeping skilled employees.”
Working LongerThree out of every
ten of our respondents said they are working more hours than last
year, with only 6 percent saying they are working fewer hours.
An Alaska-based small business owner said:
“I have lots of people who depend on my
decision making and the health of the business.”
Please visit www.SBIndex.us to explore the full results.
The Index is part of a multiyear collaboration by MetLife and
the U.S. Chamber to elevate the voice of America’s small business
owners and highlight the important role they play in the nation’s
economy. The initiative will produce the quarterly MetLife &
U.S. Chamber of Commerce Small Business Index; a five-event Small
Business Series, with live events in Dallas, Minneapolis,
Washington, D.C., Tampa, and Phoenix where presenters will share
information that helps businesses save money, save time, and foster
growth; and the annual Dream Big Small Business Awards program,
which celebrates the achievements of small businesses and honors
their contributions to America’s economic growth.
About the Index
The MetLife & U.S. Chamber of Commerce Small Business Index
is the product of 1,000 telephone interviews in April 2017 with
American small business owners and operators conducted by Ipsos, an
independent global market and research company. Each respondent was
asked the same set of ten questions that compose the Index. The
survey findings have been calibrated to match the U.S. Census data
on small business to better ensure the data is representative of
the small business sector at large.
Please click here to see the full methodology.
About the U.S. Chamber of Commerce
The U.S. Chamber of Commerce is the world’s largest business
federation representing the interests of more than 3 million
businesses of all sizes, sectors, and regions, as well as state and
local chambers and industry associations. For more information,
visit www.uschamber.com.
About MetLife
MetLife, Inc., through its subsidiaries and affiliates
("MetLife"), is one of the largest life insurance companies in the
world. Founded in 1868, MetLife is a global provider of life
insurance, annuities, employee benefits and asset management.
Serving approximately 100 million customers, MetLife has operations
in nearly 50 countries and holds leading market positions in the
United States, Japan, Latin America, Asia, Europe and the Middle
East. For more information, visit www.metlife.com.
www.uschamber.com @USChamber
www.freeenterprise.com
www.metlife.com/mysmallbusiness @metlife
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version on businesswire.com: http://www.businesswire.com/news/home/20170524006109/en/
U.S. Chamber of CommerceMegan Van Etten,
202-463-5682orMetLifeDavid Hammarstr�m, 212-578-2736
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