Verizon survey: Financial fears grow among small business owners with inflation top of mind
Verizon survey: Small business owners' concerns about finances increase, among which inflation First
The majority of small businesses say they are not better off from a year ago
Most Small businesses say they are not in a better position than they were a year ago.
EXCLUSIVE: The latest Verizon Business survey found a growing number of small business owners are worried about their financial security with inflation cited as their biggest headache.Exclusive : Latest Verizon Business Survey found that more and more small business owners are worried about them Financial security, inflation is considered their biggest headache.
And a majority says business is not better than it was a year ago.
And most people say business is not better than it was a year ago.
The annual State of Small Business poll conducted by Morning Consult and released Thursday shows rising prices remain decision-makers ' prime concern, with more than 82% of respondents expressing worries over inflation.
The annual small business situation survey conducted by Morning Consult on Released on Thursday, the results showed that rising prices remained the most concerned issue for policy makers, with more than 82% of respondents expressing concerns about inflation.
Lynn Gooden, 44, updates inventory in her business, Mother's Hair Beauty Supply, Aug. 16, 2022, in Houston. T he latest Verizon Small Business survey shows owners are increasingly concerned about their own financial security. (Brandon Bell/Getty Images/Getty Images)
August 16, 2022, 44-year-old Lynn Gooden updated inventory at her business Mother's Hair Beauty Supply. The latest Verizon small business survey shows that business owners are increasingly worried about their financial security. (Brandon Bell/Getty Images / Getty Images)
Verizon's survey also found that, of owners polled last month, 72% said they are concerned ed about their own financial security, up from 66% last year and 67% in August 2020.
Verizon's survey It was also found that 72% of business owners surveyed last month said they were worried about their financial security, up from 66% last year and 67% in August 2020.
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Supply chain woes remain a pain point too, particularly for certain industries, Verizon found.
Verizon found that the dilemma of the supply chain is still a pain point , especially for certain industries.
Keeping up inventory levels and fulfillment schedules was cited as a concern of 72% of responses from the food and beverage industry, 69% of bars and restaurants and 62% of retailers.
72% of food and beverage industry respondents, 69% of Bar and restaurant respondents and 62% of retailers said they were concerned about maintaining inventory levels and fulfillment schedules
Supply chain issues remain a particular pain point for severala l industries. (Jonathan Wiggs/The Boston Globe via Getty Images/ Getty Images)
Supply Chain Issues are still a special pain point in several industries. (Jonathan Wiggs/The Boston Globe via Getty Images / Getty Images)
Concerns over cybersecurity climbed markedly over the past year among small businesses as well, with 55% citing viruses and cyber risk as a worry compared to 31% in 2021.
in the past In the year, small businesses’ concerns about network security also rose significantly, with 55% of small businesses worried about viruses and cyber risks, compared with only 31% in 2021.
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That might explain why responses said technology investments were the last to be cut, with only 29% saying such expenses es were or could be on the chopping block compared to lesser priorities such as employee events (59%) or operational investments (39%).
This may explain why respondents say that technology investment will be cut in the end, and only 29% say that such expenses will or may be cut, compared to employee activities ( 59%) or operating investment (39%) have lower priority.
In this tight labor markettml4, some 80% of small businesses said they have not laid off employees over the past y ear, and 87% said they have not had to cut their employees' wages.
in this tight labor market , about 80% of small businesses say they have not laid off employees in the past year, and 87% say they don’t have to lower their employees’ wages.
A "help wanted" sign is displayed in a window in Manhattan July 28, 2022. (Spencer Platt/Getty Image s/Getty Images)
July 28, 2022, Manhattan had the "urgent recruitment" sign hanging on a window . (Spencer Platt/Getty Images / Getty Images)
But 61% of business owners said they had invested in technology over the past two years aimed at better serving customers.
But 61% of business owners said they invested in the past two years In the technology , it aims to better serve customers.
The data also pointed to disappointment in some small business owners' expectations.
data also pointed out , some small businesses main expectations were disappointing.
Although 68% of decision-makers forecast that their shops would be doing better this year than last, less than half (46%) reported that bu siness has improved.
Although 68% of decision makers predict that their store will be more business this year than last year OK, but less than half (46%) reported improvements in business.
