Small businesses booming, 84% see another good year

Main Street small businesses, boosted by the surging economy, are forecasting another good year.

The latest Wells Fargo/Gallup Small Business Survey found that 84% believe their company’s financial situation “will be either very good or somewhat good one year from now.”

Nearly 80% call their current fiscal situation very or somewhat good.

Seven-in-10 told the survey that they are “more optimistic than pessimistic” about the next 12 months.

The survey results come as the economy continues to hum at an unexpected 3.2% growth rate and as job creation expands. Unemployment is at a 49-year low.

The poll also found that few business owners felt an impact from the 2017 tax cuts, but that they have very few concerns about the economy. What’s more, they told the poll that they are prepared for any economic downturn.

Small-business owners remain positive about their companies' financial situations and are upbeat about the outlook for their business going forward. The 2017 Tax Cuts and Jobs Act appears to be a non-issue, as many owners so far have not felt any impact from it, and those who have are slightly more likely to say it has helped than hurt their business.

Owners are also mostly positive, about the current national economic environment with relatively few expecting it to worsen in the coming year. Nevertheless, whatever the economy brings, owners' feel that they are prepared to weather whatever economic changes occur.