Survey: Small business outlook improves after electionsWritten by Duane Ramsey | | email@example.com
The small business community expects a positive impact from the results of the congressional elections, with 62 percent believing the new Republican-controlled House will have a favorable impact on small businesses overall and 58 percent believing their own business will improve, according to a survey by Manta Media based in Columbus.
“Our survey is truly the voice of small businesses and provides a clear view of their concerns and their new optimism,” Pamela Springer, president and CEO of Manta, stated in a news release.
Manta’s most recent “Pulse of Small Business” national survey of 1,189 small business owners and employees, conducted the day after the Nov. 2 elections revealed that 69 percent believed the Obama administration has hurt small business.
Fifty-eight percent responded that they are more confident now that they will be able to grow their business than they were two years ago when the Democrats and President Obama won in the 2008 elections.
The majority of respondents, 70 percent, are involved in small businesses with fewer than 10 employees while 20 percent are involved in businesses with 10 to 50 employees, according to Springer.
Twenty-two percent of those surveyed said their greatest concern is the nation’s economic outlook, while 21 percent said taxes were their biggest worry. Seventeen percent said the economic outlook in their own community was their top concern, while 15 percent indicated health care was a major concern.
“The state has more impact on small business than the federal government. We’re hoping the new administration in Ohio will help foster growth for small business as they indicated in the election,” said Bill Wersell, director of the Small Business Development Center at the Toledo Regional Chamber of Commerce.
“Growth in business is due to opportunities and access to capital. We help small businesses with their approach to lenders through financial analysis so they become more favorable in funding requests,” Wersell said.
Several local manufacturers are bidding on new projects with their ability to land those contracts dependent on obtaining funds for expansion, he reported.
The Ohio Department of Development is working with Huntington Bank to provide more funding in the state. A statewide clearinghouse is available for small businesses to register their information for funding requests, according to Wersell.
“The market is definitely coming back. There may be some certainty after the election, but the verdict is still out,” said Rick Anderson, owner and president of Radco Industries of Toledo.
“Ohio saw a dramatic shift to the right that should be favorable to small business.”
Anderson said his company is starting to see some real action that involves designing productivity enhancement systems that could increase production by 40 percent for one customer. Radco creates custom design-build equipment for packaging and quality control systems with an experienced, professional workforce, he said.
Cleves Delp, chairman and CEO of The Delp Company in Maumee, agrees that the election results will have a positive impact for his small business and the 100 small businesses it serves.
“Capitalism will prevail with a renewed spirit that it’s OK for small businesses to spend money on expansion and growth,” Delp said. “When they see the tide changing ,they will take the risk to borrow, spend and hire.”