Findings from a survey conducted by financial services company Truist maintain small business owners have remained resilient amid economic uncertainty and rising inflation.
The Small Business Pulse Survey1 of small businesses showed the economy and inflation rest atop the small business operator list of priorities, alongside the ongoing COVID-19 pandemic, rising costs, and economic uncertainty.
The survey results indicated that in the wake of supply chain challenges, small businesses have searched for new supply sources, enlisted the services of local suppliers, and adjusted their delivery schedules.
“It’s encouraging to hear that while uncertainties in the market remain, small businesses are being proactive to make investments to achieve business goals,” Scott Stearsman, head of small business for Truist, said. “This resiliency we’re seeing indicates the COVID-19 pandemic helped our small business leaders learn to better prepare for the unforeseen and continue to be inspired to build better lives and communities.”
According to the findings, small business owners have attempted to address inflation by accepting lower profits, changing purchasing to reduce expenses and reevaluating pricing. Contingency plans have also been created, per respondents, to prepare for unplanned events.
“Our survey found that they are more optimistic about their finances than at any time in the past three years, and this includes 2019, even before the pandemic,” Stearsman said. “Despite the fact that small business owners are facing many challenges and concerns, their future financial well-being is not one of them.”