Majority of small businesses expect revenue growth in Trump’s first year: data
Small businesses across the United States are feeling optimistic about the future as they look ahead to 2025, when President-elect Donald Trump will kick off his second administration. A recent report by the U.S. Chamber of Commerce, obtained by Fox News Digital, reveals that seven in 10 small businesses anticipate an increase in revenue next year. This marks a significant uptick from the previous year, with only 65% of businesses expecting revenue growth.
Bradd Chignoli, executive vice president and head of Regional Business & Workforce Engagement at MetLife, expressed optimism about the findings, stating that the growing confidence among small business owners is a positive sign for the new year. He emphasized the importance of seizing opportunities and utilizing available resources, such as voluntary benefits, to strengthen company culture and attract and retain talent.
The Small Business Index, a joint effort between MetLife and the U.S. Chamber of Commerce, measures the expectations of small business owners and leaders. The latest survey, conducted before the election results, included responses from 750 small business operators. The majority of respondents identified holiday shopping as crucial to their overall profit, although slightly fewer businesses viewed it as such compared to the previous year.
Inflation remains a top concern for small business owners, as it has been for the past two years. However, a growing number of business owners reported that both the U.S. economy and their local economies are in better shape than they were a year ago. This positive outlook is reflected in the survey results, with 32% of respondents noting an improvement in the U.S. economy and 38% reporting healthier local economies compared to the previous year.
Despite the overall optimism, small business owners continue to face challenges related to regulatory compliance. Red tape, including licensing and certification requirements, was cited by 51% of respondents as a hindrance to growth. Additionally, 47% of business owners expressed frustration over the time and energy spent on meeting regulatory obligations.
The report also highlighted the increasing burden of compliance on small businesses, with 39% of respondents dedicating more time and resources to regulatory requirements in the past six months. Taxation, bookkeeping, payroll, and licensing were identified as major time-consuming tasks for business owners. The overall index score for this quarter experienced a slight dip, attributed to the increased focus on regulatory compliance.
As small businesses navigate economic uncertainties and regulatory challenges, the promise of a second Trump administration offers hope for a brighter future. President-elect Donald Trump has pledged to prioritize economic growth, lower taxes, reduce regulations, and create a more business-friendly environment. Small business owners are eager to see how these initiatives will unfold and contribute to their success in the coming year.
