Interestingly, those who have owned their businesses for fewer than five years are more likely to establish clear goals or objectives for the coming year than those who have owned their businesses longer - 78% versus 63%.

According to a recent Gallup poll, 62% of small business owners say taxes are their top concern in 2007. 64% said the cost of insurance is of greatest concern in the new year. Rounding out the top five concerns for 2007 are energy prices (54 percent), government regulations (45 percent), and finding qualified employees (42 percent).

"For years, business owners have identified the rising cost of health insurance as a key area of concern," said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo's small business segment. "Small business owners know providing employee health insurance helps attract and retain qualified employees, yet they continue to be challenged by the high cost of insurance."

Nine in ten small business owners who developed a business plan for 2007 say generating stronger revenues is their top priority for the year ahead. Nearly two in three (63 percent) also say cutting operating expenses is a major objective for 2007. Reaching more customers is cited by 57 percent as a high priority, followed by more advertising (42 percent) and investment in technology (37 percent).

Sixty-six percent of respondents report setting clear goals and objectives for their businesses each year. Of those who prepare an annual plan, 32 percent say they develop a formal plan. Interestingly, those who have owned their businesses for fewer than five years are more likely to establish clear goals or objectives for the coming year than those who have owned their businesses longer (78 percent versus 63 percent). Among those who set yearly goals and objectives, about seven in ten report meeting or exceeding their goals.