California Millennials Expect Their Businesses to Grow

By Staff Writer July 16, 2019

The fifth annual First Citizens Bank Small Business Forecast reveals that most small business owners plan to significantly grow their businesses this year.

Overall, 74 percent of respondents expect their businesses to grow in the next six to 12 months — an increase from the 2018 survey. Of the surveyed states, California has the highest number of small business owners planning to expand in the near-future (89 percent) while Wisconsin has the fewest (47 percent).

With 81 percent of millennials looking to expand their businesses in 2019, the forecast found younger business owners are generally more eager to grow when compared to baby boomers (66 percent) and Gen Xers (71 percent).

Increasing current customer satisfaction and loyalty is the top growth strategy among small business owners (51 percent), followed by identifying new customers (45 percent). Creating new products and businesses is the third most-popular strategy for owners to achieve growth (29 percent).

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Last modified on Monday, 22 July 2019 14:14

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