In the latest Wells Fargo/Gallup Small Business Index survey, small business owners were asked about their optimism in the economy and factors that often affect business.
The overall economic index for this past quarter was up 6 points compared to the previous one, from 136 to 142. Respondents are optimistic about their present situation as the index rose from 64 points in quarter three to 67 points in quarter four. Likewise, the future outlook index rose from 72 points to 75 points.
This is a great sign that small business owners are capitalizing on the strength of the U.S. economy. They are hopeful of what the future holds and their optimism about their financial standing continues to climb.
In this survey, small business owners were also asked about the 2020 Presidential election. Specifically, they were asked if the current candidates are discussing issues important to them; 69 percent of respondents said they are not.
This election will be important for small business owners. When asked if the outcome of Election Day will have a significant impact on their business, 51 percent said yes.
These results show that small business owners are not naive to the fact that the state of the economy and implementation of good policies directly correlate to the success of their business. Likewise, when businesses are optimistic, they are more likely to continue growing, employing more individuals, and increasing wages for their staff. Fingers crossed, it continues.