Small business optimism rocketed to its highest level since 2004 in December according to the NFIB: Small Business Survey. A change in small business sentiment this dramatic can only mean great things for our economy in 2017. According to NFIB Chief Economist Bill Dunkelberg, there is evidence that this higher optimism is leading to increased business activity, such as capital investment. Here are some ways that you, as a business owner can take advantage of the economic upswing.
Invest in Your Employees
Although the survey was optimistic, there are still challenges that small business owners face: finding qualified employees. One thing you can do is to be willing to invest in employee hiring and training. Whenever there is an uptick in business, get ahead of the curve. Train your current employees to handle multiple roles/tasks. If you decide to hire more employees, make it a priority early in the year before the most qualified ones are taken.
Prepare for Expansion
Are you ready for growth? Do you need repairs or upgrades? Consider the status of your facilities and equipment, could expanding or replacing these make your business more attractive? Is your website equipped to handle a high traffic level? How about marketing efforts? Whatever the case may be, it’s wise to look ahead and earmark additional funding for the most important elements that make your business stand out to consumers.
Figure out how much you need
Investing in expanding your small business could be a very beneficial move in 2017. Look into getting additional funds to cover the upfront costs. Look at the application process. Consider how easy or difficult it is to navigate the application process, receive funds, and ultimately, payback the borrowed amount.
Getting ahead of the game early in the year could set you up for a successful 2017!
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