Small businesses are optimistic About increasing revenues in 2025, when President-elect Donald Trump begins his second administration, a U.S. Chamber of Commerce report obtained by Fox News Digital showed.
MetLife's latest Small Business Index report US Chamber of Commerce The study released Monday morning found that seven in 10 small businesses, 72%, reported that they expect their revenues to increase in the next year. The data showed that last year, only 65% of companies reported that they expected revenue to increase.
“Growing optimism among Small business owners “YTD is a positive sign as we move into 2025 and likely indicates increased opportunities in the new year,” Brad Chignoli, executive vice president and head of regional business and workforce engagement at MetLife, said in a press release. To Fox Digital: “As more and more employers look to increase investment and employee size, it is important to leverage the resources available to them, such as volunteer benefits, that can help strengthen their company culture and help attract and retain new talent.”
The Small Business Index is a collaboration between MetLife and the U.S. Chamber of Commerce to measure the expectations of small business owners and leaders. The survey released Monday was conducted Oct. 7-21, before the election results, and included responses from 750 small business owners and operators.
Then-former President Donald Trump speaks during a campaign event, Wednesday, Sept. 25, 2024, in Mint Hill, North Carolina. (AP Photo/Evan Vucci, File)
A majority of business owners, 70%, reported that holiday shopping is vital to their overall profits, which is slightly lower than a 2022 Q4 report that found 79% of business owners reported the same.
The report found that inflation issues are the top concern for small business owners — as has been the case over the past two years, according to the report. But this year, a growing number of business owners are reporting it Both of the American economy Their local economies are healthier than they were this time last year.
32% of business owners report that the U.S. economy is in better shape than in 2023, up from 25% last year, and 38% report that their local economies are healthier than last year, when 30% reported the same.
The survey also found that a majority of small business owners, 51%, reported that red tape — including licensing, certification and permit requirements — makes it difficult for them to grow their operations. While 47% of participants reported that they spend a lot of time and energy complying with regulatory requirements.
38% of business owners say their local economies are healthier than last year. (Istock)
“Too many regulations cause a huge headache “For small businesses, even if they feel confident in their ability to comply or have the means to outsource compliance tasks,” said Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce. “This quarter’s survey shows that these requirements are complex, time-consuming, and often prevent small business owners from focusing on running and growing their business.”
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About 39% of respondents reported that in the past six months alone, they had increased their time and resources on regulatory compliance alone, which is an increase from the 33% who reported the same last quarter. According to the report, tax compliance, bookkeeping, payroll and licensing consume “a significant or fair amount” of business owners’ time.
The overall index score for this quarter is 69.1, a slight decrease from last quarter's score of 71.2, which is due to business owners reporting an increase in time and resources related to regulatory compliance.
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Small businesses have been on edge in recent years as inflation soars and chokes the pockets of spenders. In light of a long-awaited election cycle This year, Trump campaigned in part, To reduce costs for Americans at the checkout lines. Trump defeated Vice President Kamala Harris at the ballot box last month, receiving 312 electoral votes to Harris' 226 votes.
Former President Donald Trump gestures as he walks on stage for a campaign rally on October 12, 2024 in Coachella, California. (Mario Tama/Getty Images)
“I promise low taxes, low regulation, low energy costs, low interest rates, secure borders, low crime rates, and increased income for citizens of every race, religion, color and creed,” Trump said during his campaign in September. “My plan will quickly Defeat inflationrapidly lowering prices and reigniting explosive economic growth.”
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“I cared about our economy as I care about my company in every decision. Am I going to create jobs here or not?” Sending jobs abroad? Trump asked: “Will this make America richer and stronger, or will it make our country weaker and poorer?” He added: “I always put America first every time. When our country was hit by the China virus, we saved the economy. We saved tens of millions of jobs.”
