Small businesses appear to be particularly optimistic these days. Take, for instance, what recently happened with the small business optimism index of the National Federation of Independent Business.
This index has been in place for 45 years. In May, it rose 3 points from the previous month to hit 107.8. There has only been one time in the index’s whole history where the index has been higher, and that was over 30 years ago. The index hit 108.0 in 1983.
So, nationwide, optimism among small businesses seems to be at nearly unprecedented levels these days. Do you think such optimism will remain high for a long time? How widespread do you feel small business optimism is here in Illinois?
When small business owners are feeling optimistic about conditions, one thing they may be more likely to do is implement big plans for the future. This could include plans for expanding their company. The index found that expectations for business expansion were at particularly high levels in May.
How expansion plans or other big plans a small business owner decides to implement go can have very big impacts on a business’ future. So, when it comes to such plans, giving careful thought and attention to how they will be implemented can be very important for small business owners. Among the critical issues to address is how any legal issues related to plan implementation will be handled. Business lawyers can help company owners in Illinois navigate legal issues connected to expansion or other big changes.