Happy New Year! And we do expect this to be a happy new year for business indeed. According to the most recent Wells Fargo/Gallup Small Business Index (conducted November 11-17, 2016), businesses are optimistic for 2017. 58% expect an increase in revenues, 70% stronger cash flows, 35% plan to increase capital spending and 36% an increase in jobs. All of which are stronger numbers than the previous survey taken in July.
What’s all the hype about? Many are optimistic about the new administration’s promise of lower taxes and a revamped tax code. For many, this can make the difference in whether a business can afford a new technology implementation, or possibly a new hire. I have always been a proponent in investing in my company whenever possible. For many of the small businesses, we benefit personally in reduced taxes that flow through to us, but for those who wish to reinvest can simply forgo salary or additional profit sharing in return for paying lower taxes. Read more about the survey here.