Small businesses across the country are incredibly valuable, both for the economy and the consumers who rely on their goods and services each day. Without these organizations, financial growth would be harder to achieve.
This is one reason why the hiring trends of U.S. small businesses are so important to the country's success. These companies must be looking to expand and prosper, in order to foster a positive economy and help the nation distance itself from this past recession. Unfortunately, a recent industry survey found that only a small amount of business owners are planning on hiring soon.
Interest in hiring wanes
According to a survey conducted by Newtek Business Services of more than 1,500 respondents, interest in hiring new employees is slipping for small businesses. The survey found that only 30 percent of business owners intend to hire over the next three to six months, while only 51 percent plan to tap into recent college graduates to fill vacancies.
"Our May survey depicts a lack of intention in our small business clientele to hire over the next two quarters and that the trend of a jobless economic recovery may continue," said Barry Sloane, chairman, president and CEO of Newtek. "Although we have seen the United States unemployment rate fall from about 10 percent to 6.3 percent, the historic measurement of employment trends in the U.S. has proven to be misleading."
He added that once there are more people earning an increased wage across the country, the small business economy – and thus hiring – will start to improve.
Find creative ways to grow
Due to the constrictions in the U.S. economy and with small business hiring, owners may have to look in creative places to grow and bolster a financial plan. With some outside-the-box thinking, it will be easier to reach new customers and make more money.
According to Entrepreneur magazine, one ideal strategy is to form a partnership with other professionals. For example, it can help to work with similar businesses to share ideas, marketing strategies and products. Many different services work well together, and combining them to connect with a wider audience can be beneficial for all those involved.
"If you want to keep all the money to yourself, you're really shooting yourself in the foot," Florida-based entrepreneur Jim Labadie told the news source. "You need to align with other businesses that already have lists of prospective customers. It's the fastest way to success."