Small businesses are surfing on a wave of optimism about a new tax reform law. A new survey conducted by Right Networks reveals that 70% of small and medium-sized businesses are very confident and moderately confident about this year's business opportunities.

Small businesses are optimistic about tax cuts

At the heart of this optimism lies the new law on tax reform and employment. Nearly 37% said it would have a positive impact on business. Forty percent of small and medium-sized businesses surveyed rated taxes as the biggest regulatory barrier.

The biggest challenge

The biggest challenge was keeping customers and winning new business. More than 44% of respondents rated this as their top concern for 2018. Getting and keeping the right talent (19%) and increasing health care costs (18%) was second and third on the list.

The cloud is expected to fuel growth in the new year, according to the survey. A total of 75% of respondents say they are already using a cloud-based accounting application or plan to implement one in 2018. Regarding cloud storage, 57% said they use it. or plan this year.

Working remotely

This same percentage of respondents reported working remotely daily. A smaller number (21%) reported that they worked away from a central location several times a month.

Data security

Data security for small and medium-sized businesses remains a top priority at the dawn of the new year. Nearly 34% identified data security and privacy as the number one technology challenge they faced in 2018. Smaller percentages of respondents were concerned with managing workflow disruptions and staying abreast of the latest technological innovations. .

The survey sampled 365 small and medium-sized businesses and accountants. Right Networks provides cloud-based accounting and business solutions to CPA companies, small businesses, and accounting professionals.