New year always bring New surprises, However it seems that there is nothing new for small entrepreneurs!! 2013 will again possess the waves of concern of the continuing Recession economic conditions. The good old days of 2006 is yet to return.
What are the stumble blocks?
While the major problems still lingers within the web of slow economic growth, higher taxes and an unfavorable credit market, there are certain small players that has started to take over the game too:
- Further tax increase in this year as declared by the President, specifically the Medicare tax rates on wages and salaries.
- Sluggish economic growth will prevail in 2013 and is expected to remain within the range of 2.1% only.
- The persistent problem of poor sales tied with taxes, the GDP is not going to bring much pleasure to the owners of small businesses.
- Small business entrepreneurs will tap less credit in 2013, than they did before the financial crisis and Great recession.
Breakthrough in 2013!!
- New Year would be marked with the effect of automatic spending cuts and tax increases.
- On Jan 30, April 26, July 31 and Oct 30, the Bureau of Economic Analysis releases its initial estimates of Gross Domestic Product.
So what are the probable forecasts in 2013!!
Important predictions for small business owners would be:
- Higher taxes, lower economic growth and less credit.
- Taxes on high income earners will increase.
- GDP growth would be moderate.
- Small business credit will continue to remain low.
Whatever be the reason, 2013 along with concerns will definitely bring new reasons to celebrate, for small business owners they only need to wait and watch.