Optimism Rises for Small Businesses - Other News

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Credit Card Applications » News » Other » Optimism Rises for Small Businesses

Optimism Rises for Small Businesses

The content is accurate at the time of publication and is subject to change.

Optimism is in the air for small businesses this season, according to the new Wells Fargo/Gallup Small Business Index, with the upswing in optimism being directly linked to feeling better about their cash flow, an integral part of growing a business.

The Wells Fargo/Gallup Small Business Index, was conducted at the beginning of the year, with its overall score rising to 67%, up 13-points from November.

“The latest Index scores show that small business owners are more upbeat about their current and future business conditions,” said Lisa Stevens, Wells Fargo’s head of small business. “Similar to what we’ve seen in some consumer confidence surveys, improvements reported in the January survey indicate the optimism of small business owners rebounded after trending downward for much of 2015. This suggests small business owners are entering 2016 with greater confidence.”

Its all about cash flow

Business optimism and cash flow are very much tied together in this study, with 60% of small businesses indicating that over the last year their cash flow was either very or somewhat good. Optimism about cash flow has not been this high since 2007.

But what about the future? Here too there is a upswing, with 66% expecting that their cash flow levels will be on par with last year for the coming twelve months, up 3%.
Cash flow was the bigger winner in this study with the other indicators showing small increases or no change at all.

Trends in EMV and Digital Wallets

The study also looked at how small business owners felt about the conversion from swipe-based cards to EMV chip-enabled debit and credit cards. They found that 48% of small business owners indicated that they had upgraded to the new technology, from 31% in the late summer.

This left a little more half of businesses having still needing to update their payment system, but 22% of these plan to do so during the next six months, and 14% will upgrade within the year. That said one in five won’t be doing it at all.

What about digital wallets? It hasn’t caught on just yet with all small business owners, but 5% are enabled to take payments from digital wallets like Apple Pay or Android Pay. That said 11% are gearing up to take digital payment over the coming year.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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