Infographic: Q2 2017 Small Business Index
Insights on small business owners in the second quarter of 2017.
Small business owners remain optimistic in the second quarter of 2017, with an overall index score of 95.
When asked about their hiring plans and challenges in April, the survey found that about a third of small business owners plan to hire new staff in the next 12 months.
Despite their plans to add jobs, small business owners reported several challenges when it comes to hiring new staff. 52 percent of SBOs reported challenges finding qualified staff, 32 percent reported challenges regarding candidates applying for jobs that they're either overqualified or underqualified for, 43 percent reported difficulty knowing how well an applicant will do once hired, and 32 percent said they did not have the time and resources to devote to finding the best candidates.
Small business owners were also asked about the trend of on-demand businesses, which involve using the internet and smart phone apps to assign work to people who are not regular employees, but available to do tasks as needed. The survey found that: 18 percent of SBOs describe their business as a provider of on-demand goods and services, and 26 percent believe the trend toward more on-demand labor will benefit their business in the long run.
The Wells Fargo/Gallup Small Business Index is calculated from a quarterly survey of 603 small business owners and measures current and future perceptions of their business financial situation. More information can be found at https://wellsfargoworks.com/small-business-optimism-holds-steady-in-second-quarter. © 2017 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. May 4, 2017