A recent report conducted by the Kauffman Foundation contains some positive and negative indicators for the American small business owner. The report noted,
“Nationally, there was a sharp uptick in the survival rate of businesses in the last year, which reached a three-decade high of 48.7%. This means almost half of new businesses are making it to their fifth year of operation.”
While this is great news for the small business owner, the report also detailed that the growth for small businesses was stagnant. The Kauffman Index reports:
“The results show that U.S. small businesses have gotten smaller over the last 20 years. The smallest of those small businesses – companies with one to four employees – make up 53.1% of all established small businesses, up from 49.5% in 1996.
What does this mean for your business? With the economy set to flourish next year due to fewer regulations and lower tax burdens, now is not the time to just survive. Now is time to thrive. Apply today and start next year with a bang!