New research indicates that most small business owners are meeting their performance benchmarks. The percentage who are, however, is down relative to the number reported in 2012 — a potential source of concerns for life insurance professionals catering to the small-business market.
Published by the HR outsourcing and business solutions firm Insperity, the report reveals that 68 percent of small businesses are either meeting or exceeding their 2013 performance plans, a proportion down from 72 percent in the last survey. Meanwhile, 32 percent report that they are doing worse than expected, up from 28 percent in July.
Concerning the timing of an economic rebound, 26 percent of small business owners think one is currently in process versus 34 percent in July; 26 percent expect a rebound in the first quarter of 2014 or later; and 48 percent said they are unsure, up significantly from 38 percent last quarter.
“Survey responses indicate that business owners are returning to more cautious management strategies to safely execute their short-term and long-term business plans,” says Insperity Chairman and Chief Executive Officer Paul Sarvadi. “Regardless of industry, businesses continue to balance the current challenging risk-reward ratio in creative ways to serve clients and grow profits.”