October 20, 2022

Small Business Majority survey results

Small Business Majority and Start Small Think Big published a new survey that explores how entrepreneurs continue to navigate a number of challenges operating their businesses, two years after the COVID-19 pandemic started. The new survey of 676 small business owners and managers in their networks reveals that despite challenges with inflation, access to capital, and supply chain disruptions, business owners are optimistic about the next six months.

Specific findings from this survey can be found below, and you can view the full report here.

More than 6 in 10 (61%) small business owners are optimistic about their business prospects for the next six months.
An overwhelming majority of small business owners are being impacted by inflation (89%), challenges in obtaining capital (75%), and disruptions to their supply chain (60%).
While nearly half of respondents (49%) are currently hiring or plan to hire in the next year, hiring challenges are prevalent. Almost 7 in 10 (68%) small business owners report that it’s hard to find quality workers, and 64% say that workers expect higher wages.
The COVID-19 pandemic has accelerated the digital transformation of how small businesses find, sell, and connect with their customers. Notably, social media usage amongst #SmallBiz owners increased 35% over the pandemic and the usage of paid digital ads increased by 18%.