Tracking economic trends? Keep your eye on the SMBs.
If the CEO or CFO of a multi-billion dollar company wants to get a good idea of where the United States business climate is trending, he should take a look at the plans of the country’s small and midsize businesses (SMBs).
If an entrepreneur starting a home-based business wants to get a better idea of where the United States business climate is trending, he also should take a look at the plans of — you guessed it — U.S. SMBs.
SMBs play a vital role in economic growth. In the United States, SMBs are responsible for creating 75% of all new jobs and generating 50% of the nation’s revenues. As a result, tracking the plans of SMB CEOs provides a snapshot of broader trends in markets and industries.
Since 2003, the Vistage CEO Confidence Index has provided a quarterly comprehensive report of the projections of CEOs of small and midsize companies about the economy, their hiring and investment plans, and prospects for their revenues and profitability. The Confidence Index has been a proven predictor of GDP, two quarters in advance.
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SMB critical decisions, analysed
The December 2017 Vistage Confidence Index survey captured input from 1,377 SMB CEOs on their projections for 2018. Based on an analysis of the survey data, Vistage identified the critical decisions that SMB CEOs face to grow their businesses. Also discovered were key initiatives among SMBs for talent and customer management, plans for strategic investments, the operational implications of these investments, and leadership priorities for the year.
Plan for success. Track the trends. Keep your eye on the SMBs.
About the author: Joe Galvin
Joe Galvin is the Chief Research Officer for Vistage Worldwide. Vistage members receive the most credible, data-driven and actionable thought leadership on the strategic issues facing CEOs. Through collaboration with the Vistage community of experts and curation of the highest quality content, Vistage members benefit from impactful business research specific to small and midsized business (SMBs). Vistage is the CEO’s most trusted resource for research, data and expert perspectives.