Most small business owners believe their company is equipped to withstand any future economic instability.
A new survey by Melio and OnePoll of 1,000 small business owners revealed that rising interest rates (61%), inflation (59%), and a looming recession (44%) are owners’ top financial concerns of small businesses for the rest of 2023.
The results revealed that inflation has led small business owners to make difficult decisions about their businesses this year (62%).
Small businesses have turned to different financial resources to make ends meet, including savings accounts and loans (61%).
Other small businesses have raised prices (38%) or reduced staff (35%) as a result of inflation.
Interestingly, despite inflation and other economic concerns, 72% of respondents feel more optimistic about their company’s financial prospects than they did at the beginning of the year.
This could be due to some of the changes they have made this year: such as increasing their advertising and marketing efforts (66%), their digital presence (58%) and the sale of products online (52%).