Small Businesses Note Long-Term Optimism Despite Current Challenges
With 2022 nearly halfway done already, this year has proven to be a volatile one for small business owners. Yet, a recent Chase survey of 1,000 small business owners found that, on the whole, these entrepreneurs are still feeling fairly positive about the future. That said, the 2022 Small Business Survey also highlighted some of the current challenges business owners face along with some of the actions they’re taking as a result.
First, 48% of small business owners surveyed report that they’re feeling more upbeat about their business’s prospects than they were at this point last year. What’s more, 73% expressed long-term optimism for 2023 and beyond. In other good news, 55% of businesses said they currently had adequate access to funding and credit.
Of course, small business owners currently face a number of challenges. In fact, 86% of those surveyed report that inflation is and has been a major issue facing their businesses. On top of that, given the ongoing labor shortage, two-thirds of respondents said they plan to invest in training and development. Furthermore, this same percentage plan on increasing employee pay, while 64% plan to expand benefits for workers.
When it comes to bettering their businesses in the future, 71% of owners say they are interested in mentorship opportunities to assist them along the way. Meanwhile, 65% of respondents said they are likely to work with either a financial or business adviser during the next year. Similarly, 40% intend on seeking advice from fellow small business owners.
Elsewhere, a significant number of respondents also plan on investing in technology for their businesses, with 73% planning to adopt new tech in the year ahead. Finally, nearly half (48%) of businesses stated that they now have explicit contingency plans in place to help them weather future disruptions, such as those caused by the pandemic.
Commenting on this latest Small Business Survey and entrepreneurs in general, Chase Business Bankings CEO Ben Walter stated, “Small businesses are at the heart of every community. They create jobs and support their neighborhoods in good times and bad. We are inspired by their resilience, ingenuity and service to others, and are here to offer the support, solutions and service they need to thrive.”
Additionally, Chase Ink GM Jenny Shum noted, “Small business owners have been forced to grapple with challenges over the last two years that no one anticipated. Through our Chase Ink suite of business credit cards, we’re constantly listening to our customers to deliver the tools and rewards they need to continue growing and investing in their business to build a more resilient and agile future.”
Overall, it’s always good to see that, despite recent setbacks, small businesses are continuing to persevere. On that note, the fact that such a significant number of entrepreneurs are taking lessons from the past few years and applying them to future plans is encouraging. While it can be difficult to remain optimistic in these challenging times, Chase’s latest Small Business Survey makes it clear that the entrepreneurial spirit is too strong to be broken.