Despite all the talk about businesses being affected by the policies from the current administration, California small businesses are poised for growth this 2014.
In the following infographic from the California Bank and Trust provides the results from the California Small Business Survey.
Some important findings are:
- 72% of small business owners said the rise in the minimum wage would have a neutral or positive effect on their business
- 53% of small businesses plan to hire new employees in 2014
- 63% of small businesses are expecting growth to increase year-over-year
- Los Angeles region is expecting the highest growth rate (43%) for small businesses in California
- 38% of California small businesses conduct international sales
- 60% of small businesses use social to promote their business
The full infographic is below:
Presented by California Bank & Trust, Business Banking
The main takeaway from all these statistics that California small businesses will need financing in the next 12 months to support their expected growth. About 35% of them need financing, with close to half of them needing a bank loan. The question is whether financial institutions are ready to meet their demands, because over half of those businesses are willing to pursue alternatives forms of financing.
Are you a California small business owner? Please share your reactions to these stats on the comments section.