Michael Alter is the CEO and President of SurePayroll, a Paychex Company. SurePayroll is an online service designed to help small business owners manage their payroll and the associated taxes online. Built for small business, you can easily run your payroll anytime or anywhere—they even offer a mobile payroll app.
The elimination of the payroll tax holiday, which took 2 percent out of the pockets of employees throughout the country, seems to be weighing on the small business economy. In February, we saw more of a bounce along the bottom, with hiring down slightly (-0.1 percent), according to the SurePayroll Small Business Scorecard®.
Also concerning is that optimism among small business owners, according to the survey, remains low at 59 percent, about where it’s been for several months. Small business owners may be starting to wonder if the sun is going to come out tomorrow or if we’re going to keep seeing rain clouds.
Paychecks rose 0.1 percent in February, but that’s likely due to existing workers putting in more hours or overtime.
There seems to be just too much turmoil circling around us right now, as we await the impact of government spending cuts and watch for ripple effects from the economic conditions in Europe. It’s hard for many small business owners to seek lending for growth when they don’t know the demand is going to be there.
However, if you’ve been growing revenues consistently, it may be a good time to seek more capital so you have it handy when you’re ready to make a move.