Annual Small Business Forecast from First Citizens Bank

Each year, First Citizens Bank conducts a small business survey in California, Florida, Wisconsin, South Carolina, and North Carolina. FCB uses this data “to assess the motivations, sentiments, and success of small business owners in the U.S.” Many business owners are still recovering from the impact of COVID-19 as they attempt to adjust and adapt to the current state of inflation. Considering these seemingly insurmountable obstacles, the data collected from FCB’s survey offers some encouraging insight into the health of small businesses across the country, especially in Florida.

The eighth annual First Citizens Bank Small Business Forecast found more than two-thirds (67%) of owners described their business as being successful in the past year, which is an 8% year-over-year increase. The factors contributing to businesses success include COVID-19's impact on increasing demand for certain types of products and services (33%), fewer competitors (28%), increasing consumer comfort with technology (25%) and an increased desire to "buy American" (23%).

Of the states in which the survey was conducted, Florida had the highest increase in perception of success in the last 12 months. Floridians recorded a 25% increase since 2021 with 79% claiming a positive year in 2022.

Another encouraging segment of data showed that local loyalty is driving positive sentiment about small business growth. Of those surveyed in Florida, 85% stated that Florida was a great state to start a business. While there has been a decline in the economic outlook for many small business owners, tapping into community loyalty and customer service will always pay off.

For over ten years, Ocoos Web Consulting has been working with small businesses in Ocala and the surrounding areas. We are passionate about small business growth, customer service, education, and differentiation. Each of our clients receives products and services customized to their individual needs, goals, and budget. Your small business web presence matters, and we are here to help. Contact us today to schedule a free consultation to see how we can help you and your small business. Our services include web development, web design, graphic design, content marketing, SEO services, photography, and virtual tours. We look forward to hearing from you!