Small Business Optimism in San Antonio Mirroring National Trend
Small business owners in San Antonio and across the U.S. have been the most optimistic about their business outlook in years.
Earlier this week, The Alternative Board released survey results showing that the majority of local business owners either reported record sales, record profits or both during 2014.
Now, a new national survey shows that small business owners nationwide are the most optimistic they've been in seven years, according to the first quarter Wells Fargo/Gallup Small Business Index. The index score increased to 71 in January, up from 58 in November in terms of optimism. At the beginning of 2008, prior to the recession, the index had an optimism score of 83.
A number of small business owners reported higher revenues, cash flow, hiring and access to credit as reasons for their optimism. Here are some other findings:
49 percent of survey respondents reported revenue increased "a little or a lot" over the past 12 months, up from 37 percent a year ago.
54 percent of respondents said they experienced modest improvements in cash flow during the past 12 months, up from 52 percent a year ago.
19 percent of respondents increased the number of jobs on their payroll over the past 12 months, compared to 16 percent a year ago.
34 percent of respondents reported that it was "somewhat or very easy" to obtain credit over the past 12 months, up from 28 percent a year ago.
San Francisco-based Wells Fargo & Co. (NYSE: WFC) is a nationwide financial services company with $1.7 trillion in assets. The company has 19 branches in San Antonio.