Upbeat Economic Outlook
Economic optimism best describes business conditions for small business owners this year. Buoyed by promises of policy changes in Washington, small business owners expressed their confidence in an improving economy, according to a September 2017 Small Business Optimism Index survey report1 published by the National Federation of Independent Business. And that confidence translated into enthusiasm for making more capital outlays, increasing hiring, and expanding operations. Although dampened slightly in the third quarter of 2017, the historically high business optimism index seen this year is expected to carry over into 2018.
That bullish outlook was also shared by a majority of general practitioners, who expressed their confidence in the improvement of current and future economic conditions and their expectation of increased revenue growth in multiple surveys conducted at the end of 2016 and the beginning of 2017.2,3
Of course, what is good for dentistry is good for dental technology, and the laboratory industry is gearing up to meet their clients’ growing needs. And gearing up means that laboratory owners must invest in their businesses in order to meet the impending increased demand, whether that involves purchasing capital equipment to speed production, exploring new materials that help reduce labor costs, or leaning on outsourcing partners to take on volume overload or supply specialty products. However, in today’s flooded market, the purchasing journey to find just the right equipment, material, and outsourcing business partner can be a daunting task. That is why IDT tries to simplify that purchasing decision process for you by publishing the Product iNavigator each year. We compile all the new products introduced on the market in the past year and separate them into categories so that you can review the features and applications of all the competitive offerings at a glance. For key product categories in our Materials, Bench Tools, Technology, and Resources sections, we then survey the manufacturers of these major product choices to collect the critical data you need to make an informed purchasing decision. Our Shop and Compare charts allow a side-by-side analysis of the specifications, capabilities, applications, and, most importantly, the price of each choice to help you weigh your options and determine which best suits the needs of your business and your pocketbook.
As always, we hope you find the Product iNavigator a valuable resource throughout the remainder of this year and the next as you begin to make those informed purchasing decisions that could help you grow your business and prosper throughout 2018.
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1. September 2017 Report: Small Business Optimism Index. National Federation of Independent Business Web site. https://www.nfib.com/surveys/small-business-economic-trends. Published September 2017. Accessed October 13, 2017.
2. More than half of small, independent medical and dental practice groups preparing for revenue growth through 2021, according to new Citizens Bank survey. Citizens Bank Web site. https://investor.citizensbank.com/about-us/newsroom/latest-news/2016/2016-02-04-154951850.aspx. Published February 2, 2016. Accessed June 9, 2017.
3. Dentists are bullish on 2017 practice revenue outlook, TD Bank survey reveals. PR Newswire Web site. https://www.prnewswire.com/news-releases/dentists-are-bullish-on-2017-practice-revenue-outlook-td-bank-survey-reveals-300426512.html. Published March 21, 2017. Accessed June 9, 2017.