CIT Direct Capital released survey results Monday detailing the small business owner optimism regarding growth and expansion.
Officials said the Harris Poll1 effort revealed nearly three out of four small businesses in America plan to expand their product and service offerings this year.
“With strong expectations for growth, small businesses are well-positioned to make improvements and upgrades,” John Donohue, head of CIT Direct Capital, said. “A total of 72 percent of small business owners report that expanding product and service offerings within current geographies is the top priority for this year.”
The survey also noted that when it comes to investing in their businesses, 50 percent of owners said technology is at the top of the list, followed by equipment upgrades and hiring staff.
More than half of small businesses expect hiring at their company to increase over the next year and data security is the top concern for small businesses, followed by continued economic uncertainty and rising inflation rates.
The survey also provided specifics on the manner in which small businesses have capitalized their company in the last five years, including internal sources of funding, secured bank loans, and leasing /equipment financing.
“Understanding these key trends can help small businesses innovate and contextualize potential challenges,” Donohue said. “With data security as a top concern, we understand why half of small businesses are looking to upgrade technology at their businesses.”