A U.S. Chamber of Commerce report obtained by Fox News Digital says small businesses are optimistic about revenue growth in 2025, when President-elect Donald Trump begins his second administration.
MetLife Life's latest Small Business Index report and American Chamber of Commerce Seven out of 10 small businesses, or 72%, said they expected their revenue to increase next year, according to the report released Monday morning. According to the data, only 65% of companies said they expected revenue to increase last year.
“Optimism is growing among people. small business owner This year-to-date situation bodes well for 2025 and points to the potential for increased opportunities in the new year,” said Brad Signori, MetLife Executive Vice President and Head of Regional Business and Employee Engagement. said in a press release. “As more employers look to expand their investments and workforces, they are increasing the number of companies that are looking to strengthen their company culture and offer access to voluntary benefits and other benefits that help attract and retain new talent,” he told Fox Digital. It is important to utilize available resources.
The Small Business Index, a collaboration between MetLife and the U.S. Chamber of Commerce, measures the expectations of small business owners and leaders. The survey released Monday was conducted from Oct. 7 to Oct. 21, before the election results, and included responses from 750 small business owners and managers.
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Former President Donald Trump speaks at a campaign event in Mint Hill, North Carolina, Wednesday, September 25, 2024. (AP Photo/Evan Vucci, File)
A majority of business owners (70%) said holiday shopping is extremely important to their overall bottom line, which is slightly higher than the fourth quarter 2022 report, where 79% of business owners said the same. It is decreasing.
The report found that inflation was the top concern for small business owners, as it has been for the past two years. But this year, more business owners report that both the U.S. and local economies are healthier than they were this time last year.
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32% of business owners say the U.S. economy is in better shape than in 2023, up from 25% last year, 38% say their local economy is healthier than last year, and 30% say the same did.
The survey also found that the majority of small business owners (51%) report that red tape, such as licensing, certification and permit requirements, makes it difficult to grow their business. Meanwhile, 47% of respondents said they spend too much time and energy complying with regulatory requirements.
Thirty-eight percent of business owners say their local economy is healthier than last year. (St. Petersburg)
“Even if you are confident in your ability to comply with regulations or have the means to outsource compliance tasks, regulations can be overwhelming for small businesses,” said Tom Sullivan, vice president for small business policy at the U.S. Chamber of Commerce. Too much can cause a big headache.” “This quarter's research shows that these requirements are complex and time-consuming, often distracting small business owners from focusing on running and growing their businesses.”
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Approximately 39% of respondents say they have spent more time and resources solely on regulatory compliance in the past six months alone, up from 33% of similar respondents in the previous quarter. The report found that business owners were spending a “substantial or significant amount” of their time on compliance matters such as taxes, bookkeeping, payroll, and licensing.
The overall index score for the quarter was 69.1, down slightly from the previous quarter's score of 71.2. This may be due to business owners reporting increased time and resources for regulatory compliance.
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In recent years, as inflation has accelerated and consumers' pockets have been squeezed, small and medium-sized businesses have been in crisis. Amid this year's highly anticipated election cycle, Mr. Trump has campaigned, in part, on cutting costs at the checkout line for Americans. Trump defeated Vice President Kamala Harris at the polls last month, winning 312 electoral votes to Harris' 226.
Former President Donald Trump (then) gestures as he walks on stage at a campaign rally in Coachella, California on October 12, 2024. (Tama Mario/Getty Images)
On the campaign trail in September, President Trump said, “I am committed to lower taxes, lower regulation, lower energy costs, lower interest rates, secure borders, lower crime, and lower taxes, lower regulations, lower energy costs, lower crime rates, and lower taxes for Americans of every race, religion, color, and creed.'' I promise you that your income will skyrocket.” “My plan will rapidly defeat inflation, rapidly lower prices, and reignite explosive economic growth.”
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“In every decision I made, I cared about the economy as much as I cared about my company. “Do we make America stronger? Or make America weaker and poorer?” Trump asked. “I always put America first, no matter what. And when our country was hit by the China virus, we saved our economy. We saved tens of millions of jobs.”
