Most California-based entrepreneurs want to invest more resources to grow their company, according to a recent survey by California Bank & Trust (CB&T). About 60 percent use social media and Web marketing to promote their business, and many business owners believe their products and services will see growing demand.
Nearly 38 percent of small business owners want to conduct international sales efforts, while 53 percent want to hire new employees in 2014.
These plans reflect optimism among entrepreneurs: Over 86 percent say their business is heading in the right direction, while 63 percent expect their company’s growth rate to increase in 2014.
Here are other results from CB&T’s survey:
- 35 percent of small businesses will need financing in 2014, with 49 percent of respondents citing bank loans as their primary source of funds
- 78 percent cited competitive rates as a very important factor in choosing a lender, while 71 percent cited customer service
- 78 percent cited account info and resources as the reason for using online and mobile banking services
Entrepreneurs in the Golden State remain optimistic despite challenges such as more regulation (Obamacare) and statewide drought. Additionally, energy costs are expected to increase. “Even if California made no further investments in renewable energy, average electricity costs would still rise by 17.7 percent by 2020 compared to 2008 rates in real terms,” according to CB&T.
See the infographic below.