Quarterly Survey Finds Record-High Small Business Confidence
ENGLEWOOD CLIFFS, N.J. and SAN MATEO, CA, August 15, 2018 – CNBC, First in Business Worldwide, and SurveyMonkey, a global provider of survey software products, today announced the results of their quarterly CNBC/SurveyMonkey Small Business Survey.
Each quarter, CNBC and SurveyMonkey poll over 2,000 small business owners aiming to measure the vitality of the American economy as well as the view from Main Street on jobs, taxes and other hot topics. In addition to measuring small business confidence nationwide, the large sample size gives CNBC the power to uncover trends by geographic region and among specific small business cohorts.
Key findings from the Q3 CNBC/SurveyMonkey Small Business Survey include:
“Small business was a prime target for the Republican-led tax reform, and tax policy remains a salient focus for small business owners in the upcoming midterm elections. More than one in five (22 percent) small business owners single out taxes and government spending as the issue that matters most to the success of their businesses—more than any other issue including health care, immigration, regulations, and unemployment,” said Jon Cohen, chief research officer at SurveyMonkey.
CNBC Small Business Reporter Kate Rogers will reveal the results of the CNBC/SurveyMonkey Small Business Survey today, Wednesday, August 15th throughout CNBC's Business Day programming. For more information on the survey including the full results and methodology and in-depth articles, go to: https://www.cnbc.com/cnbc-survey-monkey-small-business-survey/.
SurveyMonkey created a unique Small Business Confidence Index (SBCI), which is a 100 point score based on responses to eight key questions. The index is calculated on a scale from 0–100 and is based on the responses to eight key questions. A zero indicates no confidence, and a score of 100 indicates perfect confidence. The third quarter of 2018’s SBCI has jumped from an overall value of 61 to 62, indicating that small business owners are markedly more optimistic than pessimistic about the direction their business will go in the next 12 months. This is the highest the SBCI has been since CNBC and SurveyMonkey began polling businesses six quarters ago, tied with Q1 2017.
The CNBC/SurveyMonkey Small Business Survey was conducted using SurveyMonkey's online platform from July 27 – August 5 among a national sample of 2,085 self-identified small business owners ages 18 and up. Respondents for this survey were selected from more than two million people who take surveys on the SurveyMonkey platform each day. The modeled error estimate for this survey is plus or minus 3.5 percentage points.
*CNBC/Survey Monkey additionally surveyed 9,565 individuals who do not own small businesses. Data for questions asked of the general population have been weighted for age, race, sex, education, and geography using the Census Bureau's American Community Survey to reflect the demographic composition of the United States age 18 and over.
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Founded in 1999, SurveyMonkey changed the way people gather feedback by making it easy for anyone to create their own online surveys. Today, SurveyMonkey’s mission is to power curious individuals and organizations to measure, benchmark and act on the opinions that drive success. Our People Powered Data platform enables conversations at scale to deliver impactful customer, employee and market insights. The company's 700+ employees are dedicated to fueling the curiosity of over 16 million active users globally. For more information about SurveyMonkey, please visit surveymonkey.com.