Small businesses expect revenue growth during Trump's first year in office, according to data.

According to a report obtained by Planet Chronicle Digital, small businesses are hopeful for revenue growth in 2025, during President-elect Donald Trump's second term.

According to the latest Small Business Index report by MetLife and the U.S. Chamber of Commerce, 72% of small businesses expect their revenues to increase next year, compared to 65% who reported the same expectation last year.

"Small business owners are becoming more optimistic since the beginning of the year, which could lead to new opportunities in 2025, according to Bradd Chignoli, executive vice president and head of Regional Business & Workforce Engagement at MetLife. Employers should take advantage of resources such as voluntary benefits to strengthen their company culture and attract new talent as they increase investment and staff size."

The Small Business Index, a joint project between MetLife and the U.S. Chamber of Commerce, gauges small business owners' and leaders' expectations. The survey released Monday was carried out between Oct. 7 – 21, prior to the election's outcome, and received input from 750 small business owners and operators.

While 79% of business owners reported that holiday shopping is crucial to their overall profit in Q4 2022, this year's survey found that only 70% of business owners agree.

Small business owners' top concern remains inflation, which has been the case for the past two years, according to the report. However, this year, more business owners reported that the U.S. and local economies are healthier than they were a year ago.

In 2023, 32% of business owners believe the U.S. economy will be better than it is now, an increase from 25% the previous year. Additionally, 38% of business owners reported their local economies are improving compared to last year, up from 30% who said the same.

A survey revealed that 51% of small business owners believe that red tape, such as licensing, certification, and permit requirements, hinders their ability to expand their operations, while 47% of respondents stated that they spend an excessive amount of time and effort on adhering to regulatory requirements.

Small businesses face significant challenges due to excessive regulations, even if they believe they can comply or outsource compliance tasks, according to Tom Sullivan, Vice President of Small Business Policy at the U.S. Chamber of Commerce. The latest survey reveals that these regulations are intricate, time-consuming, and frequently hinder small business owners from concentrating on managing and expanding their enterprises.

In the last six months, 39% of respondents have increased their time and resources on complying with regulations, compared to 33% in the last quarter. The report states that compliance with taxes, bookkeeping, payroll, and licensing takes up a significant amount of time for business owners.

The index score for this quarter is 69.1, a slight decrease from the previous quarter's score of 71.2, due to business owners reporting an increase in time and resources spent on compliance with regulations.

Inflation has put small businesses on edge in recent years, as it has squeezed the budgets of consumers. During the 2020 election cycle, Trump campaigned on a promise to lower costs for Americans at the checkout line. Trump won the election, securing 312 electoral votes to Vice President Kamala Harris' 226.

"Trump promised low taxes, regulations, energy costs, and interest rates, secure borders, low crime, and surging incomes for all citizens, regardless of race, religion, color, or creed. He also vowed to rapidly defeat inflation, bring down prices, and reignite explosive economic growth."

"I made sure to prioritize the well-being of our economy in every decision, just as I would my own business. I considered the impact on job creation and the country's overall strength and weakness. Trump emphasized."