A new survey from OnePoll and Melio reveals that 76% of small business owners are confident in their ability to navigate potential economic downturns. Amidst high interest rates and inflation, small businesses display resilience and a positive outlook on financial health.
The survey, targeting 1,000 small business owners, showcases an optimistic stance from the small business community, with 72% feeling more hopeful about their financial future now than at the start of the year. This optimism persists even as 61% of businesses have been compelled to tap into savings or secure loans, and nearly half have increased their prices by an average of 7% over the past six months.
Tomer Barel, President and COO of Melio commented on the findings, stating, “Despite the challenges posed by inflation and interest rates, small business owners seem to adapt to the current economic climate and demonstrate impressive agility and resilience. Small businesses are the foundation of the economy, and it is critical that they have the tools to overcome future challenges.”
The study also highlights the shift towards digital solutions, with 58% of businesses enhancing their online presence and a significant number showing interest in digitizing their payment and bookkeeping processes.
Prashant Gandhi, Chief Business Officer at Melio, emphasized the benefits of digitization, saying, “It’s tough to keep a small business in business – SMBs are dealing with material cost increases across multiple areas such as input prices, salaries, rent, and capital costs. The silver lining is that 1 in 4 (25.80%) businesses are leaning heavily into digitizing their business. The team at Melio remains steadfast on the core tenets of our mission: giving SMBs a choice, workflow automation, and insights in the platform of their choice.”
The survey, conducted between September 6 and 13, 2023, aimed to gather insights on small business financial wellbeing, the impact of inflation and interest rates, and the adaptation strategies in uncertain economic times.
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This article, "Majority of Small Business Owners Optimistic Despite Economic Challenges" was first published on Small Business Trends
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Small Business Editor, Khareem Sudlow
