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Tags: survey | small business | covid19 | inflation

Poll: Small Business Owners Cite Inflation, Pandemic as Hurdles

Poll: Small Business Owners Cite Inflation, Pandemic as Hurdles
US Vice President Kamala Harris(C) speaks during a visit to the woman-owned small business Fibre Space on March 3, 2021, in Alexandria, Virginia. (Brendan Smialowski/AFP via Getty )

By    |   Saturday, 29 January 2022 11:46 AM EST

Forty-two percent of small business owners say the ongoing pandemic is hindering the growth of their business, according to a study conducted by Clarify Capital.

Another 30% said the state of the economy, specifically inflation, was also hurting their business.

Additionally, 82% of small business owners polled said the pandemic had created issues for them, including increased uncertainty (44%), hindered growth (38%), lower sales (37%), and decreased revenue (34%).

Sixty-five percent of respondents said they did not have the capital needed on hand to grow their business, and 40% added they did not have options to acquire the necessary capital.

Among those who knew how much capital they required to grow, 64% said they needed at least $10,000, 49% said $5,000, and 37% said $2,000.

The news is not all gloom, however. Heading into the fourth quarter of 2021, 38% of small businesses are projecting growth. Another 31% said they grew slightly, and only 8% said they declined or declined slightly.

Approximately 65% of owners polled said they felt confident about their ability to take the next step, with only 5% saying they were not confident.

Clarify Capital surveyed 356 entrepreneurs and small-business owners aged 18 to 79 in the U.S. Of the respondents, 278 were earning consistent monthly revenue, 272 were making a profit, and 192 were drawing a salary or other compensation from their business.

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Politics
Forty-two percent of small business owners say the ongoing pandemic is hindering the growth of their business, according to a study conducted by Clarify Capital.
survey, small business, covid19, inflation
228
2022-46-29
Saturday, 29 January 2022 11:46 AM
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