A surge in optimism is evident among New York City’s small business owners, according to the New York Daily News. As the national unemployment rate slowly drops and consumer spending slowly rises, confidence in an economic recovery may be on the rise as well. Anyone who follows business news knows that bad economic conditions bring an onslaught of people offering all sorts of predictions and prognostications about impending recoveries or further collapses. The Daily News did not talk to any of those people though. Instead, it spoke to business owners themselves, and they demonstrated some of the causes for their optimism. While the optimism may only be temporary, it could at least serve as motivation or inspiration for other businesses.
The Daily News interviewed the owner of a Brooklyn restaurant as an example of current conditions for many of New York City’s small businesses. She reports that her business grew by more than twenty-five percent in 2011 and that they plan to open a second location early this year. She credited her success on two factors. First, she says they maintained an emphasis on “customer service, excellent product and overall value.” Of course, these are good goals for any business, since a business with poor service and an undesirable product probably should not survive. Of perhaps more direct benefit to her company was the second factor in her restaurant’s success: they were featured on the Food Network. The lesson for other small businesses, perhaps, is not only to offer exemplary service and a good product but also to find a way to be highly visible. Not everybody can get on cable television, but everyone can get on the internet.
A survey conducted by Newtek Business Services demonstrates the rise in optimism among small businesses in New York City and around the country. Newtek is a business consulting and service company with clients all over the country. They conduct a monthly survey of about 100,000 businesses, although all of the surveyed businesses are customers of Newtek. They found that fifty-five percent of small businesses have an optimistic outlook about “the future,” and sixty-four percent are optimistic about their own businesses. On both questions, twenty percent of respondents reported feeling pessimistic, with the remainder answering “neutral.” Sixty-eight percent of respondents said they find it easier to grow their sales than to reduce costs.
While the Newtek survey may lack a certain scientific rigor, it still demonstrates that many small business owners have a positive view of their opportunities in 2012. Small business owners and entrepreneurs can hopefully take advantage of this environment in either growing their businesses or exploring startup options. Enthusiasm, after all, can be infectious. With new opportunities in small business financing and other benefits for small businesses, hopefully the future will look bright.
The New York business attorneys at Samuel C. Berger, PC offer fixed-fee packages of legal services to businesses and entrepreneurs who want to do business in New York and northern New Jersey. To speak to a member of our skilled legal team, contact us today online or at (212) 380-8117.
More Blog Posts:
Small Businesses Must Adapt in Order to Make It in a Bad Economy, New York & New Jersey Business Lawyer Blog, January 24, 2012
Plan to Consolidate SBA into Larger Agency Causes Concern Among Small Business Owners, New York & New Jersey Business Lawyer Blog, January 19, 2012
State Small Business Credit Initiative Creates Loans for New York and New Jersey Small Businesses, New York & New Jersey Business Lawyer Blog, January 10, 2012
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