The document summarizes the results of a survey of small and medium sized businesses (SMBs) on their economic outlook and prospects for 2013. Some key findings include:
- 68% of SMBs feel somewhat or very optimistic about their own company's 2013 economic prospects, compared to only 44% who feel optimistic about the overall US economy.
- The majority (88%) of SMBs expect to maintain stability or see growth in 2013, while only 5% expect controlled retrenchment or survival.
- 58% of SMBs expect some level of business impact from retiring Baby Boomers in 2013, with 50% anticipating some impact and 8% a very big impact.
- Over half of SMB
1. SMB JOB
GENERATION
OUTLOOK
Q3 2013
TITLES & COMPANY REVENUE
Respondent title:
46%
$50M - $150M
21%
$151M - $300M
22%
$301M - $600M
11%
$601M - $1B
2012 company revenues
of responding executives:
35%
President
36%
CEO
29%
Business
Owner
HOW RETIREMENT IMPACTS COMPANIES
IMPACT OF PATIENT PROTECTION
AND AFFORDABLE CARE ACT
SMBs report a mixture of both positive
and negative business impact from
Baby Boomer retirement.
(multiple responses allowed)
How much of an impact will the Patient Protection
and Affordable Care Act have on your business plans?
60% CREATES A
KNOWLEDGE GAP THAT’S
DIFFICULT TO BRIDGE
10% NO IMPACT
20% A LITTLE IMPACT
36% SOME IMPACT
34% A LARGE IMPACT
28% IMPROVES
ABILITY TO CONSIDER
NEW APPROACHES &
PROCESSES
14% IMPAIRS ABILITY TO COMPETE
5% OTHER
17% ENHANCES
PROSPECTS FOR
FUTURE INNOVATION
AND GROWTH
ECONOMIC PROSPECTS FOR
COMPANY AND COUNTRY
Almost 68% of SMBs report a somewhat or
very optimistic opinion on their own company’s
2013 economic prospects, while only 44% feel
the same toward the overall U.S. economy.
22% VERY OPTIMISTIC
46% SOMEWHAT OPTIMISTIC
17% NEITHER OPTIMISTIC
NOR PESSIMISTIC
14% SOMEWHAT PESSIMISTIC
1% VERY PESSIMISTIC
ECONOMIC PROSPECTS FOR
YOUR COMPANY IN 2013
12% VERY OPTIMISTIC
32% SOMEWHAT OPTIMISTIC
22% NEITHER OPTIMISTIC
NOR PESSIMISTIC
26% SOMEWHAT PESSIMISTIC
8% VERY PESSIMISTIC
ECONOMIC PROSPECTS FOR
THE UNITED STATES IN 2013
59% OPTIMISTIC
20% NEITHER OPTIMISTIC
NOR PESSIMISTIC
21% PESSIMISTIC
36% OPTIMISTIC
27% NEITHER OPTIMISTIC
NOR PESSIMISTIC
37% PESSIMISTIC
JOB GROWTH PROSPECTS
FOR YOUR COMPANY IN 2013
JOB GROWTH PROSPECTS FOR
THE UNITED STATES IN 2013
HOW SMBs SEE THEMSELVES IN 2013
The vast majority of responding SMBs report a
position of maintaining stability or growth in 2013.
5% 7%
45% 43%
Survival
Controlled
Retrenchment
Maintaining
Stability
Growth
WORKFORCE RETIREMENT IN 2013
Expected percentage of SMB workforce to retire
in 2013, according to survey respondents.
Respondents % to Retire
67% <5%
16% 5% - 10%
6% 11% - 15%
4% 16% - 20%
7% Don’t know
SMBs ARE THE JOB GENERATORS
OF THE U.S. ECONOMY.
I SEE MY COMPANY AS A JOB GENERATOR.
41%
AGREE
STRONGLY
40%
AGREE
6%
DISAGREE
0% DISAGREE STRONGLY
13%
NEITHER AGREE
NOR DISAGREE
31%
AGREE
STRONGLY 44%
AGREE
6%
DISAGREE
0% DISAGREE STRONGLY
19%
NEITHER AGREE
OR DISAGREE
HIRING VETERANS
The majority of SMBs surveyed were amenable
to hiring veterans, though most do not have
specific plans to do so in 2013.
Specific plans to hire
military veterans 16%
Will not target military
veterans for hiring 9%
Hire military veterans
but do not have a
specific plan 75%
WORKFORCE, WAGES & SALARIES,
AND BENEFITS INCREASES IN 2012
2012 changes in SMB workforce and related
expenses as shared by survey respondents:
WORKFORCE WAGES &
SALARIES
BENEFITS
EXPENDITURE
51%Increased
63%Increased
57%Increased
38%
Stayed the same
34%
Stayed the same
39%
Stayed the same
11%Decreased
3%Decreased
4%Decreased
HOW SMBs VIEW THEMSELVES
REGARDING JOB GENERATION
SMB presidents, CEOs, and business owners were
asked how they viewed both the market and their
specific company in terms of U.S. job generation.
IMPACT OF RETIRING BABY BOOMERS
With 10,000 Baby Boomers retiring each day
in the U.S., 58% of SMBs expect some level of
business impact from retirements in 2013.
50%
SOME IMPACT
8%
VERY BIG IMPACT1%
DON’T KNOW
41%
NO IMPACT AT ALL
HIRING DIFFICULTY
Rate the level of difficulty your
company faces in finding qualified
candidates for professional and
management positions.
5%
EXTREMELY
DIFFICULT
46%
DIFFICULT
9%
EASY
40%
NEITHER EASY
OR DIFFICULT
JOB GROWTH PROSPECTS
FOR COMPANY AND COUNTRY
While more than half of SMBs report feeling
somewhat or very optimistic about their own
company’s job growth, only 36% feel the same
about overall U.S. job prospects.