Small Business Owners Looking Up in 2023
Optimism appears to be creeping back into the minds of small business operators, according to the January 2023 Road to Recovery Report from Alignable.
On the heels of another bumpy 2022, 61% of small business owners said they expect 2023 to be a good year for them - 26% of that group said 2023 could be “great,” with opportunities to expand and thrive. The findings are notable considering inflation, rising interest rates, fears of recession, and increasing rents.
Here are a few other key statistics from the latest study:
- 56% say they’re more optimistic about their business success now than in January of 2022.
- While small business owners say inflation’s still their No. 1 concern, the percentage of those worried about it has declined from 32% to 30% in the past month. And those saying they don’t have any major financial concerns jumped to 20% in January, up five percentage points from just 15% in December.
- The cost of supplies also has declined. In December, 40% of small business owners told us supplies were 25% or higher compared to pre-Covid prices. But that percentage dropped to 34% this month.
- There was some bad news. While 45% said customer counts are up for them, only 38% said they’re generating as much revenue monthly as they did prior to Covid. So, there’s still a long way to go before we can say most businesses have bounced back.
- Small business owners estimate it will take at least until Q1 2024 for most small businesses to fully recover to pre-Covid revenue levels.
- And while optimism is higher than usual right now, 56% also say they fear a recession could hit this year.
To see the full report, go here.
Published: January 24th, 2023
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