Confidence in small business is up 47% and at the highest its been since the third quarter of 2012.
According to the CapitalOne Small Business Growth Index, there are still plenty of worries that plague small businesses as they move into the new year. For example, cash flow and concerns with technology may change outlook in 2018. The number of companies concerned with cash flow was up 11 points in 2017 and the number concerned with technology increased 7 points.
And government legislation could severely impact these small businesses in 2018. An estimated 30% of small businesses have been negatively impacted by tax rates and laws. Still, a decrease in federal and state regulations has positively impacted 30% of those surveyed.
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Many small businesses have yet to tap into all of the tools at their disposal. For example, 48% of small businesses do not use social media to grow their business. But of those who do, 55% say it has led to an increase in sales.
When it comes to holiday shopping, small businesses look at the season differently than other retailers. For more than half (57%) of small business retailers, holiday sales only account for 10% or less of their entire sales for the year.
As a result, only 15% of small retailers are planning on running promotions on Black Friday or Cyber Monday.
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