According to Balboa Capital’s Q3/21 Small Business Owner Survey, six in 10 small business owners (SBOs) said their business is performing better in 2021 than it did in 2020, 43% said they experienced increased revenues during the first three quarters of 2021 and 24% said they expect the United States economy to achieve moderate growth in Q4/21. Additionally, 42% of respondents reported unfilled job openings and 55% are planning to hire workers during the final three months of 2021.

“The results of our latest survey reveal that 42% of small business owners saw increased revenues during the first three quarters of 2021, but there is a growing caution among SBOs when it comes to the national economy and hiring,” Kevin Umeda, manager of sales and planning at Balboa Capital, said. “Twenty-four percent of survey respondents think the economy will experience moderate growth in the fourth quarter of 2021, and 42% think the economy will remain flat. Additionally, four in 10 SBOs reported job openings they were not able to fill in Q3 2021, and more than half of SBOs will try to hire new employees in Q4 2021.”

Key Takeaways from Balboa Capital’s Q3/21 Small Business Owner Survey

• 62% of SBOs said their business is performing better in 2021 than it did in 2020.
• 43% of SBOs reported increased revenues during the first three quarters of 2021.
• 35% of SBOs reported no change in revenues during the first three quarters of 2021.
• 22% of SBOs reported decreased revenues during the first three quarters of 2021.
• When asked how they think the United States economy will perform in Q4/21, 16% of SBOs said it would have “strong growth,” 24% said it would have “moderate growth,” 42% said it would be “flat/no change” and 18% said it would have “no growth.”
• 38% of SBOs plan to increase spending and/or invest in their companies in Q4/21, up from 35% in Q4/20.
• 42% of SBOs reported unfilled job openings in Q3/21.
• 55% of SBOs expect to hire new employees in Q4/21, up from 25% in Q4/20.

Balboa Capital’s Q3/21 Small Business Owner Survey was sent to a sample of small business owners during the first two weeks of September.