(Stock Photo) Among those small businesses who set yearly goals and objectives, about seven in ten report meeting or exceeding their goals.
Top Concerns For Small Business Owners in 2007
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FEBRUARY 02, 2007
By Press Release, PRNewswire

Small business owners who set 2007 goals and objectives for their businesses indicate that the cost of insurance (64 percent) and taxes (62 percent) top their list of
concerns for the new year. These findings come from the Wells Fargo/Gallup Small Business Index, a survey of business owners nationwide conducted by The Gallup Organization and sponsored by Wells Fargo, America's number one lender to small businesses. Rounding out the top five concerns for 2007 are energy prices (54 percent), government regulations (45 percent), and finding qualified employees (42 percent).
"Small businesses must actively manage costs in order to remain competitive," said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo's small business segment. "For years, business owners have identified the rising cost of health insurance as a key area of concern. Small business owners know providing employee health insurance helps attract and retain qualified employees, yet they continue to be challenged by the high cost of insurance."
Nine in ten small business owners who developed a business plan for 2007 say generating stronger revenues is their top priority for the year ahead. Nearly two in three (63 percent) also say cutting operating expenses is a major objective for 2007. Reaching more customers is cited by 57
percent as a high priority, followed by more advertising (42 percent) and investment in technology (37 percent).
"Small businesses need to constantly innovate and re-evaluate their business models in order to be successful," said Joseph Talmadge, owner of San Francisco-based delivery services company, SpecialT Delivery. "While
I'm optimistic that 2007 will be a good year, I also recognize that my company must continuously monitor and hold operating costs to achieve our desired growth and remain successful for the new year."
Sixty-six percent of respondents report setting clear goals and objectives for their businesses each year. Of those who prepare an annual plan, 32 percent say they develop a formal plan. Interestingly, those who have owned their businesses for fewer than five years are more likely to establish clear goals or objectives for the coming year than those who have owned their businesses longer (78 percent versus 63 percent). Among those who set yearly goals and objectives, about seven in ten report meeting or exceeding their goals.