Small businesses are optimistic on rising revenues in 2025, when President-elect Donald Trump launches his second administration, according to a U.S. Chamber of Commerce report obtained by Fox News Digital.
The latest Small Business Index report from MetLife and the American Chamber of Commerce released Monday morning, found that seven in ten small businesses, or 72 percent, said they expected their revenues to increase next year. Last year, only 65% of businesses said they expected revenue to increase, the data shows.
“The growing optimism among small business owners year-to-date is a positive sign heading into 2025 and potentially points to growing opportunities in the new year,” said Bradd Chignoli, executive vice president and head of regional business engagement. and workforce at MetLife, in a press release to Fox Digital “As more employers look to increase their investments and increase the size of their workforce, it is important to leverage. use the resources at their disposal, such as voluntary benefits, which can help strengthen their company culture and attract and retain new talent.
The Small Business Index is a collaboration between MetLife and the United States Chamber of Commerce that measures the expectations of small business owners and managers. The survey released Monday was conducted between Oct. 7 and Oct. 21, before the election results, and included responses from 750 small business owners and operators.
Former then-President Donald Trump speaks during a campaign event Wednesday, September 25, 2024 in Mint Hill, North Carolina. (AP Photo/Evan Vucci, file)
The majority of business owners, 70%, said holiday shopping is essential to their overall profit, which is down slightly from the fourth quarter 2022 report, which found that 79% of business owners company said the same thing.
The report finds that inflation concerns are the top concern for small business owners – as has been the case for the past two years, according to the report. This year, however, an increase in business owners reported that both the American economy and their local economies are healthier than they were this time last year.
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Thirty-two percent of business owners said the U.S. economy is in better shape than in 2023, up from 25% last year, and 38% said their local economy is in better shape than the last year, when 30% said the same thing.
The survey also found that the majority of small business owners, 51 percent, said red tape – including licensing, certification and permit requirements – made it more difficult for their operations to grow. While 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. (iStock)
“Too many regulations cause big headaches for small businesses, even if they are confident in their ability to comply or have the means to outsource compliance tasks,” said Tom Sullivan, vice president of small business policy at the State Chamber of Commerce -United. , is time-consuming and often prevents small business owners from focusing on running and growing their business.
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About 39% of respondents said that in the last six months alone they had spent more time and resources on complying with regulations alone, compared to 33% in the last quarter. According to the report, keeping up with taxes, accounting, payroll and licensing took “a lot or quite a bit” of business owners’ time.
The overall index score for this quarter sits at 69.1, down slightly from last quarter’s score of 71.2, attributed to business owners reporting an increase in time and resources dedicated to regulatory compliance.
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Small businesses have been on edge in recent years as inflation soared and choked spenders’ wallets. In the middle of a highly anticipated election cycle this year, Trump campaigned, in part, on reducing costs for Americans at checkout. Trump defeated Vice President Kamala Harris at the polls last month, receiving 312 electoral votes to Harris’ 226.
Former then-President Donald Trump gestures while taking the stage for a campaign rally October 12, 2024 in Coachella, California. (Mario Tama/Getty Images)
“I promise low taxes, low regulations, low energy costs, low interest rates, secure borders, low and rising crime for citizens of every race, religion, color and creed,” Trump said during the election campaign in September. “My plan goes quickly beat inflationbring prices down quickly and restart explosive economic growth. »
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“I took care of our economy like I would take care of my own business in every decision. I asked: Will I create jobs here, or will I be send jobs abroad? Will this make America richer and stronger, or will it make our country weaker and poorer?” Trump asked. “I have always put America first in every times. And when our country was hit by the Chinese virus, we saved the economy. We saved tens of millions of jobs. »