Ranking the Country’s Small Business Climate
Owning and operating a small business can make you feel like you’re on your own. You’re the boss and may often be so engrossed in managing the day-to-day business decisions that you may not have as strong of a grasp on the status of the small business climate as you’d like.
You can go to small business conferences, seminars and networking events, and you still may not get a comprehensive overview of the small business environment for your city or region. And getting a national snapshot can seem nearly impossible.
In an effort to provide this type of information to small business owners, Allstate partnered with USA Today and conducted a survey of nearly 2,800 small business owners and combined that information with public data. The result? The 2017 Allstate/USA Today Small Business Barometer that measures the strength of America’s small business climate nationally and in 25 major metropolitan areas.
Small Business Barometer
Using a 0 to 100 scale, the barometer provides eight key indicators (including optimism, labor, regulation, innovation, etc.) for small businesses and an overall profile ranking of the business climate. The proprietary data model weighted the scores of each of the eight indicators to determine a final ranking based on the following ranges: “excellent” (81-100), “strong” (61-80), “solid” (41-60), “fair” (21-40) and “challenged” (0-20).
The barometer produced an overall score of 58 for the country’s small business sector, which rates as “solid.” That ranking is a slight decrease from 2016’s release (61), with the two most significant changes coming in optimism and commodities – up 13 and down 37 points respectively, compared to last year’s Barometer.
How does your opinion of the small business climate in your region compare with the survey results? Find out by visiting www.allstate.com/Barometer to get a more in-depth breakdown of the national profile and see how each city scored.
Originally published February, 2016.