A new report finds small business owners are pessimistic about the future. The economy and uncertain political climate are making them tentative about their financial stability and hesitant to expand.
The National Federation of Independent Business (NFIB) says its index of small business owners’ sentiment fell three points in June to 91.4 after edging lower in May.
Bill Lilly, owner of a small business in Oxford, Mississippi, attended a recent economic development forum, seeking financial advice and funding for a new start-up renewable energy concept. Lilly, who has started a number of businesses, said he understands the hesitation many business owners are feeling.
“Whichever side of the aisle you sit on, everybody’s a little concerned about what direction it’s going,” says Lilly. “Nobody wants to put their foot too deep in the water until they know what it looks like next year.”
The survey also reveals the number of owners expecting business conditions to improve in six months fell eight percentage points and the number expecting their sales to rise slid five points.