Experian Business Information Services recently conducted an online survey of approximately 500 small business customers across the United States asking for their sentiment on economic conditions. The Q3 2014 Business Owner Sentiment Survey was conducted between September 1 and September 30th and focused on four key areas:
1. Employment opportunities with their company
2. Sales volume
3. Access to capital
4. Overall sentiment good or bad on the U.S. economy
Q3 Business Owner Sentiment Survey - Created with Haiku Deck, presentation software that inspires
Finding qualified candidates for available job openings is an issue for small business owners 30.4 percent of those surveyed indicated they had jobs they were unable to find qualified candidates for, and more than half indicated difficulties in finding qualified candidates for jobs they have available. Many of those surveyed expect to expand next quarter with 40 percent indicating they expect to increase the number of people working for them.
Sales have been quite consistent with 39.3 percent of business owners indicating their most recent quarter in sales was higher than the previous quarter and 32.9 percent saying sales were about the same. 41.8 percent of those surveyed expected sales to be higher in the coming quarter.
On finding access to capital only 33 percent of survey respondents said they were able to get access to the capital they need to maintain satisfactory cash flow, and 42 percent indicated they were challenged in this aspect of their business. Only 12.3 percent indicated they were encountering significant delays in getting paid by their customers with 47.3 percent saying they experienced a slight delay in payment and 40.3 saying they were being paid on time.
The U.S. Economy
On the overall health of the economy 51.9 percent expect conditions to remain unchanged and 25.3 percent feel economic conditions will worsen.
Experian Quarterly Business Credit Review Webinar
For more insights on the health of small business, attend the Quarterly Business Credit Review Webinar November 18, 1:00 (EST) where we will be joined by the economists from Moody's Analytics to discuss recent credit trends and macro-economic conditions.