Kerrigan in Tipps Insights: U.S. Small Businesses Face Significant Economic Challenges

By SBE Council at 15 September, 2023, 12:11 pm

In a blog post for Tipps Insights, SBE Council president & CEO Karen Kerrigan reviews the latest SBE Council “Small Business Check Up” survey for the third quarter of 2023, and reports that small business owners are dealing with significant economic and business challenges.

Kerrigan notes that external factors like diminished access to capital and workers are constraining small business growth and opportunity. Their perception that the economy will deteriorate for the remainder of 2023, and a pulling back on investment and hiring in general will have broader economic implications.

The SMALL BUSINESS CHECK UP SURVEY for the third quarter of 2023, was carried out by TechnoMetrica from August 23-25, 2023.

While the majority of small business owners view current business conditions as generally positive, inflationary pressures, higher interest rates, rising cost of inputs, and increased operating expenses are impeding growth and eating into their profits.

A significant percentage (52%) of Q3 Small Business Check Up Survey respondents reported that revenues have not kept pace with inflation. Small business owners rank inflation (57%), economic uncertainty (32%), recession/slowdown (32%), rising interest rates (22%), and high gas prices (21%) as their top five concerns.

Significant percentages of small business owners attribute these headwinds to President Biden’s policies and express dissatisfaction with his leadership.

Read more about the survey results and Kerrigan’s analysis here.