The FSB-ICM :‘Voice of Small Business’ Annual Survey

As per the FSB-ICM ‘Voice of Small Business’ Annual Survey which is the most extensive research of the small business sector during recession:
About 48 percent of businesses are expecting to expand their client base in the up coming year.

  • About 53 percent of small business firms have introduced new or improved products and services the previous year. More about 51 percent are intending for continuing innovations till next year.
  • About 30 percent expressed that their sales volume increased over the past financial year.
  • 31 percent of small businesses are expecting to cut their employers.
  • 42 percent of small business firms are expecting use the savings from tax cut for investing in expanding their business. 19 percent are expecting to employ more staff. 23 percent of them are expecting to come up with new products and services.
  • About 31 percent of them expressed that increase in bank lending would be key to improve their business prospects.
  • 27 percent of the small business owners expressed that they experienced profitability over the previous year.