The National Federation of Independent Business has released its report for April, and it’s as positive as ever. Though March saw a small drop in business owner optimism and the rate of hiring, April saw positive increases in virtually every measure, echoing what we’ve been seeing for most of the last year.
Though not every small business is doing great, the market as a whole continues to get stronger. More small businesses are hiring and feeling confident about their prospects for growth. If you have been slow to expand or if you’ve been hesitant to embrace this positive outlook, it’s time to change that. Consumers are buying products again, and businesses are growing. Take advantage of this opportunity and look for your own avenues for growth and expansion.
Finding High-Quality Workers
If you have been thinking about getting some new help and hiring new staff, it is absolutely the time to do it. Although unemployment is still relatively high, the job market is actually much stronger than it looks. The percentage of small business owners who say they can’t find skilled staff continues to grow. In April, over 25% of small businesses were unable to fill the skilled positions they had available. If you don’t start trying to find these professionals soon, it will only get more difficult.
Don’t Wait Too Long to Expand
As the economy continues to get better, now is the time to take some risks and make some new investments. If you continue to wait, you could be outmaneuvered by competitors who act on the market’s opportunities before you do. Overall, the amount of capital investments made by small businesses continues to increase across the country. Of course, you should make your business decisions systematically, but it is no longer the time to hesitate.
Be Careful with Price
Unfortunately, there is one area that continues to grow slowly: pricing power. Businesses are finding themselves unable to substantially raise selling prices. It is still unclear if significant price increases can be supported by the market, so you should be careful before increasing your own prices.
Are you looking for help expanding your business and growing revenue? James Timothy White is an experienced entrepreneur and business broker who can give you the guidance and insight you need to make the best decisions for your business. Whether it comes to hiring, capital outlays, or consumer pricing, we can help.