A survey shows they're adding more employees and expecting more growth in revenue over businesses nationwide.
Florida business owners expect to see more growth in 2021 over businesses nationwide, according to the 2021 Small Business Survey recently released by TD Bank.
The survey shows that 41% of small business owners in the U.S. expect revenue to grow in 2021, while only 9% anticipate a decline. The survey polled more than 750 small businesses nationwide with less than $5 million in annual revenue. It showed 57% plan to expand hours and/or operations, and 9% are set to add a business location in the next 12 months.
Notably, two of Florida’s takeaways from the survey showed even more optimism, including these nuggets:
- More than half, 51%, of Florida small business owners say their annual revenue will grow in 2021.
- Nearly one-fourth, 24% of Florida small business owners, expect their payroll to grow compared to 16% nationally.
"COVID-19 required small businesses to adapt to new business operations and incorporate new revenue-generating strategies nearly overnight," Jay DesMarteau, head of Commercial Distribution of TD Bank, says in a release. "Entrepreneurs are incredibly resilient, though, and it is encouraging that they report a more positive outlook and do not anticipate losing their livelihood."