Small Business Finance News

Small Businesses Expect To Make More Sales, But Few Ready To Hire

Written by Jenna Weiner
Published: 9/21/2010

Office Depot Small Business Index reveals that unemployment rate is likely to stay high for the next 6 months

According to one recent small business index, while more than half of businesses said that they expected to make a profit, the vast majority had no plans to hire.

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The Office Depot Small Business Index, which surveyed more than 1,000 small business owners, revealed that 56 percent of small businesses said that they looked forward to having increased profits over the next six months and 59 percent said that they thought total sales would increase.

Despite the positive news for small business, many still said that they would keep the amount of employees the same over the next six months. Eighty-one percent said that they had no plans to increase staff over the time period, 18 percent of whom blamed increased healthcare costs.

"Small business owners are being extremely cautious due to the uncertainty of what might happen in the future," said Steve Odland, chairman and CEO of Office Depot. "While we are seeing that small businesses are somewhat optimistic about their sales prospects, they are still not feeling comfortable enough to begin spending and hiring at previous levels."

Office Depot recently made news for small business when it gave residents in North Carolina advice when it came to Hurricane Earl. The franchise reminded residents to store data in safe places and take any necessary items when evacuating.

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