Eighty-six percent of California small business operators believe their businesses are moving in the right direction, and 87 percent expect growth in 2014, according to the third annual small business survey by San Diego-based California Bank & Trust.
More than half of small businesses surveyed plan to hire additional employees in 2014. Ninety-two percent plan to hire one to 10 additional workers, with one-quarter of that group planning to hire five to 10 employees.
Sixty-five percent of respondents area expecting business growth of 5 percent or more over the next 12 months.
Nearly two-thirds of respondents said the Affordable Care Act has had a neutral or positive impact on their business; 72 percent said the rise in the minimum wage would have a neutral or positive effect. About 60 percent said California’s drought would have no effect on their businesses.
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“What our 2014 small business survey illustrates is that many California small businesses are in a unique position to capitalize on growth opportunities and weather larger macroeconomic changes,” said Tory Nixon, executive vice president of small business lending with CB&T. “Small businesses are shrugging off these regulatory changes and environmental concerns and are quite optimistic about the future growth of their business.”
More than 680 small business owners throughout California shared their opinions in the survey conducted in April.