Business owners face an uphill battle in the current inflationary environment. Despite some having rebounded to pre-Covid revenue levels, many are finding it difficult to keep pace with rising costs, which are eroding their margins and making it harder to stay afloat. For example, 75% of small business owners say inflation has made it more difficult to run their business, 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.
- 63% of small business owners say high interest rates are hurting their business.
- 75% of small business owners say inflation has made it more difficult to run their business.
- Nearly 2 in 5 small business owners say low taxes are the most important factor for small business success.
- 58% of small business owners think it’s unfair that small business credit cards offer worse terms than consumer credit cards.
- 49% of small business owners are not in favor of accepting payments in cryptocurrency.
- More than 3 in 4 small business owners say they’ve used a personal credit card for business expenses.
This report reflects the results of a nationally representative online survey of over 200 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.
Full Details Overall
|Has inflation made it more difficult to run your business?|
|Are high interest rates hurting your business?|
|Do you think it’s fair that small business credit cards offer worse terms than consumer credit cards?|
|What’s most important for small business success?|
|Easy access to credit||32%|
|Have you used a personal credit card for business expenses?|
|Is now a good time for a small business to grow?|
|Does Small Business Week actually help your business?|
|How do you feel about the amount you have to pay in credit card processing fees?|
|How do you feel about accepting payments in cryptocurrency?|
|Would you say the Federal Reserve is more pro-business or anti-business?|
Note: Percentages may not total 100% due to rounding.