New Polls Are Good News For Small Businesses

A new poll from American Express found surprisingly beneficial results for small business owners across the nation.

The poll measured that over 87% of respondents believed that they were gaining confidence in their skills as business owners, and 83% believed that they were made to use more creative and unique ideas in their marketing and business practices. Its respondents were made up of at least 1,100 small business owners.

Many business owners argue that higher costs from inflation have only propelled their businesses further, as they needed to adapt using business-savvy methods such as saving costs and generating inventive ideas in products. Also, the National Federation of Independent Business (NFIB) highlighted a 2.2% increase in small business optimism, showing this trend in confidence even more.

Meanwhile, the Russell 2000, which includes many medium-sized businesses, has remained stagnant in recent years, improving very marginally compared to the S&P 500, the large-company index fund. Additionally, hundreds of small businesses have closed down in recent years due to anti-competitiveness measures of large companies monopolizing key sectors of the market. But the new poll from small businesses possibly indicates a turning point in the negative trends for them in recent years.

This new string of confidence could also have an impact on the upcoming presidential election. Donald Trump, who has been advocating for small business support by arguing President Biden's weakness in growing small business confidence, small businesses have actually improved. For now, this may swing the election in favor of Harris if it is addressed properly.