Small Business is Booming: Survey

May 8, 2007 ( - Business is good, at least for small business owner respondents to a new survey.

Nearly 86% of small business owners say their companies are either growing as predicted or at a faster pace than forecast at the beginning of the year, according to the results of a Business Confidence Survey released by Administaff.

A comparison of first-quarter data against the same period in 2006 shows that average compensation is up 6.6%, and overtime pay is running 9.7% of regular pay. More than half (58%) said the biggest issue they face this year is “hiring the right new employees,” while 40% said the cost of medical coverage/insurance was a major concern. Other issues cited by respondents were as follows:

  • Economic conditions
  • Increased business competition
  • Employee retention
  • High cost of fuel
  • Regulatory compliance
  • Immigration issues

Despite those challenges, most of the respondents expressed confidence in the current business climate.

Administaff conducted the survey in late April over a three-day period. Researchers surveyed chief executive officers, chief financial officers and other executives in a variety of industries at its client companies across the United States.

Administaff is professional employer organization (PEO), serving as a full-service human resources department that provides small and medium-sized businesses with administrative relief, big-company benefits, reduced liabilities and a systematic way to improve productivity. You can find out more at