BIZMOLOGY — This week marks the 50th annual National Small Business Week. Small businesses are a vital part of the economy, with more than half of Americans either owning or working for a small business, according to the US Small Business Administration.
It may be a milestone week, but times remain challenging for small businesses, according to D&B’s latest Small Business Health Index report. The report features key statistics such as failure rates, credit utilization, and payment patterns.
The overall index dropped for the second month in a row in April 2013, reflecting the tenuous state of small businesses in a changing economy. A dip in construction spending and the Industrial Production Index present challenges for small businesses. However, certain key indicators such as falling unemployment show promise for the sector.
Some of this month’s other findings:
- Business services and construction posted the strongest improvements month to month. Are your customers in one of these growing segments?
- Several industries suffered declines month to month, including real estate, transportation, and manufacturing.
- Good news on credit card delinquency and utilization scores, with more small businesses making on-time payments and depending less on credit cards for purchases.