What is the main worry for small businesses according to Bank of America?

The main worry for seven out of ten small businesses is inflation.

How many small businesses are raising prices due to inflation?

Around 64% of small businesses have raised prices for their goods or services.

What is the economic outlook for small businesses despite inflation?

Despite inflation concerns, 74% of small businesses have a positive outlook for the coming year.

Home / Business and Economy / Inflation Bites Small Business: 70% Cite It as Top Worry

Inflation Bites Small Business: 70% Cite It as Top Worry

21 Nov

•

Summary

Seven out of ten small businesses identify inflation as their primary concern.
Nearly 40% of small businesses are reevaluating cash flow and spending due to price pressures.
Despite challenges, 74% of small businesses maintain a positive outlook for the coming year.

Inflation Bites Small Business: 70% Cite It as Top Worry

Small businesses are overwhelmingly concerned about inflation, with seven out of ten citing it as their foremost worry for the upcoming period. This persistent price pressure has compelled nearly four out of ten businesses to reassess their cash flow and spending strategies for the year ahead. Despite these challenges, a strong majority, 74%, of small business owners are approaching the next twelve months with a positive outlook.

Many entrepreneurs anticipate revenue growth and are actively planning for business expansion and new hires. Over half of small businesses aim to grow, and almost half intend to recruit new staff. This forward-looking approach is supported by plans to secure financing through various channels, including business credit cards, personal savings, and traditional bank loans.