Reports from the current small business market continue to reveal good news and tidings among owners and operators for the present and near future. Many believe the current climate is the best it may have been in this decade so far, and opportunities abound for new technologies like mobile apps.
Peak business conditions
The most recent Citibank Small Business Pulse found that half of all small business owners in the United States have reported their business conditions in the current market are to be either good or excellent. That's the highest respective rate seen since at least 2010. What's more, prospects in the market have been climbing quickly in past months, up more than double from 2010's 24 percent and up 2 percent from 2013's survey.
However, there are a few select factors limiting growth from expanding further. It's notable that three-quarters of all small business owners aren't planning to make any new hires in the next 12 months, while only 17 percent plan to add new full-time employees to their staffs. Problems with adding staff include a lack of qualified applicants. Many aren't able to meet strict skill needs required by employers.
That being said, companies are pursuing other avenues of growth. More than half of all small business owners plan to make use of new technology or applications in the next year to expand their businesses.
Mobile banking can help
Rate Watch's new survey, "Monetizing Mobile Banking for Small Business Customers," reported that mobile banking can be a primary way for these small businesses to improve their technological approaches. Two-thirds of all business leaders use mobile banking, with 75 percent checking in online once per week.
These online sources of banking access are said to have a number of benefits specific for business needs. They include better access to account information, receiving alerts about activity and service guarantees about how users are protected. More potential features include check depositing, reporting any issues or problems with service, and money transfers.
What's more, businesses may soon be able to see even more improvements in time. Many operators wish that they could receive better access to informational services and improved transactional means, and are willing to pay as much as $10 a month for these features, according to the survey. With such a market possible, it's likely that these improvements will soon become a reality.
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