Many small business owners across the country reportedly had a good first half to their 2014 market year, and predictions found that this trend will likely continue through the end of the year. However, as promising as these short-term gains appear, far too few owners are looking toward the long-term picture.
Profit and revenues rise
According to the latest SurePayroll small business optimism survey, a majority of business owners expect to end 2014 with good tidings. As many as 77 percent expect the second half of the year to be profitable, in addition to more than 60 percent of owners who reported the same was true for the January-to-June period.
Adding to positive sentiments about the economy, two-thirds of small business owners are currently optimistic about the economy's prospects, and another 70 percent believe they're on pace to meet or exceed the previous year's revenues. Of owners seeing improvements, half expect to see remarkable growth of at least 10 percent.
Giving further confidence to the market is that June saw small business hiring remain constant. In comparison, the previous five months all saw figures fall slightly in that time.
"With several factors pointing to a high level of optimism, it suggests small business owners believe the economy is getting better, and will continue to do so as the year goes on," said SurePayroll General Manager Andy Roe.
More owners need to plan ahead
Positive figures notwithstanding, a second recent survey brings a slight amount of doubt into the picture. CNBC reported that while succession plans can be vitally important in the small business world, as they ensure that business owners can cash out or put their workers in charge if they deem themselves unable to continue leading, not enough owners have committed to the idea.
There are several reasons why this might be the case. Many business owners often are reluctant to face facts, preferring to work longer and harder even if things become more difficult over time. Other owners balk at the expenses involved or the decision-making process that has to happen when choosing a successor. However, having this plan in place ensures that the business itself will continue to survive.
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