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5/1/2019

Recognizing National Small Business Week

The U.S. government has recognized the contributions of America’s small business owners during one designated week in the spring every year since 1963. This year’s National Small Business Week took place May 5 through May 11.

Small businesses have a big impact. Small businesses comprise 99.7% of firms with paid employees in the U.S. economy, and account for 63.3% of new jobs.1 Every business starts somewhere, and that usually means starting small. 

The outlook for small businesses

A survey conducted on behalf of CIT by The Harris Poll recently engaged members of the small business community in a discussion about their place in the overall economy and the outlook for the future.2

Small business owners are fairly positive about their recent success, with a slight majority (54 percent) reporting that their company is better off at the time of reporting than they were the year before. A similar number believe the size of their workforce will increase over the next year (52 percent), with only two percent expecting it to decrease. Why? Most say customer demand and business opportunities (53 percent), along with the need to innovate to stay ahead in the industry (15 percent).

The vast majority of small business executives foresee making investments in the next year, with 50 percent planning to invest in technology upgrades and 47 percent planning equipment upgrades. Most (72 percent) also plan to increase the range of products and services they currently offer.

How you can get ahead

If you’re looking for resources to help you achieve small business growth, start with the U.S. Small Business Administration’s Learning Center. It’s a great place to take online courses about critical small business topics. Our Launch and Grow insights page is another place you’ll find tips focused on small business topics. 

When you’re ready to invest in equipment and technology or need extra working capital for business purchases, you can turn to an experienced lender like CIT. Achieving your growth objectives is possible with the right financing options and a seasoned team of experts supporting you.