Small Business Spending in 2014


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New data suggests that the conditions are ripe for small business growth now and into the coming years. In fact, 2014 could very well be the largest growth year for many small businesses in the U.S.
Learn more about how to easily manage your expenses and invest in your company's growth:

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Small Business Spending in 2014

  1. 1. LOOKING AHEAD SMALL BUSINESS SPENDING IN 2014 SMALL BUSINESSES HAVE BEEN RECOVERING SLOWLY SINCE THE RECESSION IN 2008. Each year has brought a rise in spending, and 2014 is no different. As small-business owners see the economy steadily improve, their spending has also increased. Here, we look at the current state of small businesses and what's on the horizon for 2014. THE CURRENT STATE OF SMALL BUSINESSES 2013 was an optimistic year for small businesses, and their success is only growing. OPTIMISM IS RISING According to Pex Card’s 2013 Benchmark Expense Survey, of all businesses... 60% expected spending to increase in 2013 For small businesses... Dec. 2013 According to SurePayroll optimism was up to Dec. 2012 70% at year end. That’s up from 55% at the end of 2012. OPTI MISM! 70% 55% 70% expected spending to increase A FEW OPTIMISTIC SIGNS... HIRING IS G ROWING… ADP payroll company reported that small businesses created 102,000 NEW JOBS … AND SMALL BUSINESSES ARE TRAVELING MORE THAN IN PREVIOUS YEARS. 89% in November. OF SMALL BUSINESSES increased their travel between fall 2013 and the previous year. AN OPTIMISTIC 2014 2014 will be the year for small business owners. INCREASED SPENDING… INCREASED TRAVELING… 1/3 The Global Business Travel Association OF COMPANIES predicts a surveyed by Pex Card said they expected to travel spending in the coming year. 7.2% rise in business spend more on web promotion this year. THAT EQUATES TO A TOTAL OF $288 BILLION IN SPENDING FOR SMALL BUSINESSES. The GBTA also predicts a EQUALING 1.6% growth in travel frequency. 459.2 MILLION PEOPLE TRAVELING IN 2014. INCREASED HIRING… According to a recent survey by Inc.,... Small business owners are optimistic about hiring in the coming year... GO EXCELL INCREASED PROSPECTS… T EN 37 % of small business owners characterize their coming year’s business prospects as excellent. OD 45 % characterize their prospects as good. 8 OUT OF 10 small business owners also said they plan to increase the number of products and offerings in 2014. 80% NOW HIRING say they plan to increase hiring in 2014 HOW TO BE SMART IN 2014 With the economy ramping back up, here are 5 ways to ensure you're prepared for a stellar year. 1. SET A SPENDING PLAN. 2. CREATE A SAVING PLAN. It seems easy enough, but planning your spending for the year can assure you are making the best decisions you can. Business is unpredictable. Even with a spending plan, you can’t anticipate everything. Make sure you have the ability to be agile. 3. TRACK AND MANAGE EXPENSES. Tracking company spending is one of the more stressful and costly parts of owning a business; put a plan (and service) in place to ensure streamlined expense tracking. 4. INVEST IN YOUR GROWTH. 5. CALL ON THE Growing your company takes capital. Don’t be afraid to invest in your company and employees; you will benefit in the long run. PROFESSIONALS. SOURCES: Inc. | Pex Card | GBTA | ADP | SurePayroll Don’t try to do it all on your own! Get some help, and free up your time and energy to focus on more important matters.