More small businesses in Texas plan to maintain business as usual in the coming months, compared to the rest of the nation. That's according to the Guardian Life Small Business Research Institute, which surveyed 1,200 small business owners with fewer than 100 employees across 12 key industry sectors. Mark Wolf is director of the Institute.
"We found that 56 percent of small business owners in Texas plan to maintain business as usual in the next 12 to 24 months versus 51 percent nationally. But 36 percent plan to expand their business versus 45 percent nationally. And we found that four percent are actually looking to transform their business in some other major way. And actually nine percent are planning to downsize the business versus seven percent nationally. It's a little bit less optimistic in Texas than it is in other parts of the country."
The survey is useful in gauging the confidence level of small business owners. Wolf says expected higher revenues will eventually translate to expansion, which creates more jobs.
"Forty-nine percent of owners in Texas are anticipating higher revenues, compared to 44 percent last year. The fact that they're starting to be optimistic about seeing revenue growth, and nationally, you know. a larger proportion--I think it was four percent more—are looking at business expansion over the next 12 to 24 months, we think that they're starting to experience and feel like things are going to be getting better, and as a result of that not only is their business going to do better, but that they're going to have more to work with to be able to grow their business and add jobs."
This is the second year of the Guardian Life report on small business expectations.