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New Insights and Resources for Small Businesses
(StatePoint) Small businesses are critical to powering the national economy. They are also responsible for creating two out of every three new jobs in the country each year, according to the U.S. Small Business Administration.
Are you a small business owner or look- ing to start your own company? Consider the following trends and developments.
Insights
Three out of four small businesses expect to increase their range of products and services in the next year, according to a recent survey commissioned by CIT Group and conducted by The Harris Poll.
According to the survey, top priorities include expanding within current geogra- phies (72 percent) and adjacent markets 58 percent). Half of small businesses also say improving technology is a top investment
priority this year, followed by equipment upgrades (47 percent) and hiring staff (36 percent). Despite optimism, some con- cerns for small business owners remain around data security, inflation, interest rates and capital costs in the coming year. Full survey results and methodology can be found at cit.com/blog/small-busi- ness-outlook/.
Resources
“Understanding these key trends can help small businesses innovate and contex- tualize potential challenges,‚Äù says John Donohue, head of CIT’s digital small busi- ness lending group. “Whether a business
is updating its technology, purchasing new equipment or expanding into new markets, an experienced lender can provide the capital needed.”
Educational resources can help empower
small business owners, too. To learn more about accessing capital, building a team, cultivating a brand and more, check out free resources like the Launch and Grow series, a new video series developed out of a partnership between CIT and Operation HOPE, a global provider of financial ed- ucation programs. Individuals can follow the content and resources by visiting cit. com/launch-grow and engage on social media by following #LaunchAndGrow.
Additionally, the U.S. Small Business Administration’s Learning Center provides online courses to help you learn about the financing process and a number of other critical small business topics.
To grow your small business, learn more about opportunities and resources avail- able to you.
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