Business owners always face an uphill battle, but things have been especially tough in recent years. Many are finding it difficult to keep pace with inflated costs, which are eroding their margins and making it harder to stay afloat. Furthermore, 64% of small business owners say they don’t see inflation coming down right now, according to a nationally representative survey conducted by WalletHub.
This survey examined how business owners feel about their financial situation currently, what their expectations are for the future, and how they interact with different types of financial products. Below, you can find additional highlights from WalletHub’s survey, which should provide food for thought during National Small Business Week and beyond.
Key Stats
- Optimistic About Growth: More than 3 in 5 small business owners believe now is a good time for a small business to grow.
- On-the-Ground Inflation Report: 64% of small business owners say they don’t see inflation coming down right now.
- Increased Need for Financing: More than 3 in 5 small business owners say their business needs additional financing now more than it did 12 months ago.
- Personal Card Usage: 55% of small business owners say they’ve used a personal credit card for business expenses.
- Fairness Callout: Nearly 2 in 5 small business owners think it’s unfair that small businesses get worse terms on credit cards and bank accounts than consumers.
Full Survey & Responses
Do you think it’s fair that small business credit cards offer worse terms than consumer credit cards? | |
---|---|
Yes | 52% |
No | 48% |
Have you used a personal credit card for business expenses? | |
Yes | 55% |
No | 45% |
Is now a good time for a small business to grow? | |
Yes | 63% |
No | 37% |
Does Small Business Week actually help your business? | |
No | 58% |
Yes | 42% |
Would you say the Federal Reserve is more pro-business or anti-business? | |
Anti | 52% |
Pro | 48% |
What should the Federal Reserve do with interest rates? | |
Cut rates | 63% |
Raise rates | 19% |
Leave rates as is | 18% |
Do you think it is fair that small businesses get worse interest rates on their bank accounts than consumers? | |
No | 54% |
Yes | 46% |
What’s your biggest frustration as a small business owner? | |
Taxes | 27% |
Financing | 24% |
Staffing | 18% |
Marketing | 13% |
Government | 12% |
Time Management | 5% |
Does your business need additional financing more now than it did 12 months ago? | |
Yes | 62% |
No | 38% |
Do you see inflation coming down? | |
No | 64% |
Yes | 36% |
Note: Percentages may not total 100% due to rounding.
Survey Methodology
This report reflects the results of a nationally representative online survey of nearly 220 small business owners.
After we collected all responses, we normalized the data by age, gender, and income so the sample would reflect U.S. demographics.
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