Most small business owners in the US remain optimistic despite the looming economic downturn

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 13, 2020, 3:20 PM UTC

A Hiscox survey revealed 51% of small businesses owners anticipate to increase profits over the next 12 months.

The research found that 90% of small business owners in the US have already taken steps to prepare their businesses for an economic downturn. Additionally, 57% of small business owners felt better about the state of the US economy as compared to a year ago.

60% of small business owners have also cited attracting “new customers” as the principle reason for their optimism. Further, small business owners plan to reduce expenses, set up an emergency fund and increase marketing efforts to prepare for the downturn.

The leading concerns for small business owners were attracting new clients, followed by “maintaining profitability”. Other external concerns like taxes and receiving timely payment also cropped up among small business owners.

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