The 2016 Bank of the West Small Business Growth Survey was designed to understand the life and journey of a small business owner, identifying the unique benefits and challenges they experience, with an additional focus on whether

they are working to grow their businesses. In an effort to measure growth, an index was created to measure small business growth in the U.S. year-to-year.

The index was updated for 2016 and applied to the 2015 data where necessary.

• Specifically, the research aimed to understand the following regarding small businesses:

• Attitudes and perceptions about life as a small business owner

• Challenges and financial issues related to being a small business owner

• Essential ingredients to success

• Goals for the business as well as themselves as an owner

• Past business performance and expectations for future performance

• Barriers to growth

• Areas of investment and downsizing