A U.S. Chamber of Commerce report obtained by Fox Digital News shows that small businesses are optimistic about revenue growth in 2025, when President-elect Trump will begin his second administration.
The latest Small Business Index report released Monday morning by MetLife and the U.S. Chamber of Commerce found that seven in 10 small businesses (72%) said they expect revenue to increase next year. Data show that only 65% of companies said they expected revenue to increase last year.
“The growing optimism among small business owners since the beginning of the year is a positive sign as we enter 2025 and may indicate increased opportunities in the new year,” said Executive Vice President and Head of Regional Business and Workforce Engagement. Bradd Chignoli MetLife said in a press release provided to Fox Digital. “As more employers look to increase investment and staff size, it’s important to take advantage of the resources available to them, such as voluntary benefits, which can help strengthen company culture and help attract and retain new talent.”
The Small Business Index is a partnership between MetLife and the U.S. Chamber of Commerce that measures the expectations of small business owners and leaders. The survey released Monday was conducted between Oct. 7 and Oct. 21, before election results were announced, and included responses from 750 small business owners and operators.
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Then-former President Donald Trump speaks during a campaign event in Mint Hill, North Carolina, Wednesday, September 25, 2024. (AP Photo/Evan Vucci, File)
A majority of business owners (70%) say holiday shopping is critical to their overall bottom line, a number slightly lower than the fourth-quarter 2022 report, which found 79% of business owners felt the same way.
The report found that inflation is a top concern for small business owners — and has been for the past two years. This year, however, more business owners are reporting that both the U.S. economy and their local economies are healthier than they were this time last year.
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32% of business owners said the U.S. economy is in better shape than in 2023, up from 25% last year; 38% said the local economy is healthier than last year, compared with 30% last year.
The survey also found that a majority of small business owners (51%) say red tape – including licensing, certification and licensing requirements – makes it harder to grow their business. And 47% of respondents said they spend too much time and effort complying with regulatory requirements.
38% of business owners say the local economy is healthier than last year. (iStock)
Tom Sullivan, vice president for small business policy at the U.S. Chamber of Commerce, said: “Too many regulations create a lot of trouble for small businesses, even if they are confident in their ability to comply or have the means to do so. Outsource compliance tasks. “This quarter’s survey shows that these requirements are complex, time-consuming, and often prevent small business owners from focusing on running and growing their businesses. “
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Some 39% of respondents said they have increased their time and resources to comply with regulations in the past six months alone, up from 33% in the previous quarter. Complying with tax, bookkeeping, payroll and licensing regulations takes up “a substantial or substantial amount” of business owners’ time, the report said.
The overall index score for the quarter was 69.1, down slightly from 71.2 last quarter, as business owners reported increasing time and resources invested in regulatory compliance.
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Small businesses have been strained in recent years as inflation has increased and consumer wallets have shrunk. Part of Trump’s campaign during this year’s highly anticipated election cycle is to reduce the cost of waiting in checkout lines for Americans. Trump defeated Vice President Kamala Harris at the ballot box last month, winning 312 electoral votes to Harris’ 226.
Then-former President Donald Trump gestures as he takes the stage during a campaign rally in Coachella, California, on October 12, 2024. (Mario Tama/Getty Images)
“I promise low taxes, low regulations, low energy costs, low interest rates, secure borders, low crime and dramatically increased incomes for citizens of every race, religion, color and creed,” Trump said during the September campaign. “My plan will quickly defeat inflation, rapidly lower prices and reignite explosive economic growth. ”
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“I take care of our economy like it’s my own company in every decision I make. I ask, will I create jobs here, or will I move them overseas? That will make America richer and stronger,” he said. Or will it make our country richer and stronger? Will it make our country weaker and poorer? “Trump asked. “I put America first every time. When our country was hit by the China virus, we saved the economy. We saved tens of millions of jobs. ”
