Small businesses across Los Angeles have seen a boost in sales and project continued growth through the end of summer, according to a new survey released March 13
The survey, by 1st Century Bank in conjunction with Beacon Economics, showed optimism and expectations of growth among small businesses in Los Angeles across a range of industries.
“As a bank supporting small business, we are motivated to understand the overall sentiment of the markets we serve while also providing trend insight to the business community at large,” said Jason DiNapoli, chief executive of 1st Century Bank, a division of MidFirst Bank, in a statement.
Among the findings of the first “Los Angeles Small Business Attitudes” report:
- 78 percent of 150 small businesses surveyed in 30 core industries were expecting an increase in market demand
- 54 percent reported an increase in profit margins in the past six months, while 79.3 percent believed margins will increase in the future
- 56 percent reported a boost in sales in the past six months, while 70.7 percent expect a sales increase in the next six months
Adam Fowler, research director for Beacon Economics, said small businesses were a vital part of the economy in Los Angeles and across the nation, whose owners have their fingers on the pulse of key business and economic trends. But they also have specific concerns not captured in news headlines, he added, and this is an omission.
“If we don’t understand small-business sentiment,” Fowler said, “We can’t know the direction this important sector will be heading in … nor can we improve conditions for their success.”
The complete report can be found at 1cbank.com/research.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.