Based on key findings from Q4 2019, here are some prominent small business trends that emerged in the three primary areas of a survey:
Small business environment. A majority of small businesses are feeling optimistic about the economy — an upward trend from the start of the year. Nearly 60% of small businesses report that their local economy is in good health, and 58% report that the national economy is in good health.
Competition remains steady from the previous quarter, with 14% of businesses citing increased levels of local competition.
Compliance needs also remain consistent from Q3 as 22% of small businesses report spending more time and resources on compliance measures.
Jump to 2020. Now 48-52% of business owners are contemplating not reopening and closing their doors forever!
So, is there anything tax professionals can do to help their current clients before they are gone for good?
Our suggestion is to take 10 minutes to run Presentation Pro and show them their estimated savings. With the average being $240,000, it could be the lifeline they are looking for and will solidify your relationship with them, not to mention expanding your book of business.
Larry at Lgpotter33@gmail.com
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