TOLEDO, Ohio (WTVG) – Economic uncertainty is striking every corner of the country, but recent polling shows there’s one section of the economy where optimism is high and that’s small businesses.
The poll by Goldman Sachs 10,000 Small Business Voices was released prior to the additional tariffs officially being put into place.
The group polled over 1,100 small businesses and shows small business owners feel positive about their financial outlook this year, but are looking to DC to help them compete.
From main streets to downtowns, businesses of all shapes and sizes are reviewing their business practices amid economic shortcomings.
“This is on the forefront of a number of people’s minds and those that are business owners, planning is the best way to approach this,” Dr. Shanda Gore, President of Mays and Associates, LTD., said.
Gore is a business coach working with small to large entities and said having contingency plans is key to remaining competitive.
“It has a short term, those short wins so it can be in the next six months, it could be in the next year but it also has long term vision of where you want to go,” Gore said.
Additionally, experts said the plans are vital to have for when economic uncertainty hits.
“What can I do to safer guard my business through a rough patch of time, whatever that rough patch is, no matter what industry you’re in,” she said.
Dr. Gore adds, having three to six months or more of operating expenses saved may also help any roadblocks small businesses may face.
Experts advise small business owners to make sure they’re on the same page with financial and tax advisors as they chart the course of their business.
69% of small businesses surveyed by Goldman Sachs said they have optimism for their financial outlook this year.
Many of those same small businesses would like to see Congress work to change tax codes and incentives to benefit them.
55% said the tax code is complex and confusing for small business resources.
For local small business assistance click the links below:
Business Development Center (SBDC)
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