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Small Businesses: Difference between revisions
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== NFIB Survey == | == NFIB Survey == | ||
=== May 2023 === | |||
== Small Business Credit Survey == | == Small Business Credit Survey == | ||
=== 2022 === | |||
== Other Surveys == | == Other Surveys == | ||
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''Online survey was conducted between March 20 – 30, 2023, surveying 550 small business leaders, including 250 at the smallest small business (<10 employees), 200 at a medium small business (11-100 employees), and 100 at the largest small business (101-500 employees).'' | ''Online survey was conducted between March 20 – 30, 2023, surveying 550 small business leaders, including 250 at the smallest small business (<10 employees), 200 at a medium small business (11-100 employees), and 100 at the largest small business (101-500 employees).'' | ||
54% of small business owners surveyed stated they feel very confident in their ability to make sound growth decisions for their business. When broken down by business size, only 29% of the smallest small businesses say they feel very confident in their ability to make sound growth decisions<ref>https://about.americanexpress.com/newsroom/press-releases/news-details/2023/American-Express-Launches-First-Small-Business-Financial-Confidence-Report/default.aspx</ref><ref>https://www.americanexpress.com/en-us/business/trends-and-insights/articles/report-confidence-split-as-small-businesses-look-to-ai-hiring-tools/</ref> | 54% of small business owners surveyed stated they feel very confident in their ability to make sound growth decisions for their business. When broken down by business size, only 29% of the smallest small businesses say they feel very confident in their ability to make sound growth decisions, compare to 64% of largest ones. <ref>https://about.americanexpress.com/newsroom/press-releases/news-details/2023/American-Express-Launches-First-Small-Business-Financial-Confidence-Report/default.aspx</ref><ref>https://www.americanexpress.com/en-us/business/trends-and-insights/articles/report-confidence-split-as-small-businesses-look-to-ai-hiring-tools/</ref> | ||
* 41% said that their business is currently prioritizing artificial intelligence to help make business decisions. By size, 16% of small businesses with the fewest employees surveyed say they see the benefits of AI. That percentage more than quadruples among the largest small businesses (75%). | * 41% said that their business is currently prioritizing artificial intelligence to help make business decisions. By size, '''16% of small businesses with the fewest employees surveyed say they see the benefits of AI. That percentage more than quadruples among the largest small businesses (75%).''' | ||
* U.S. small businesses surveyed are turning to artificial intelligence (AI) tools to help them save time (39%), improve data security (21%), and provide more efficient customer service within their business (20%). | * U.S. small businesses surveyed are turning to artificial intelligence '''(AI) tools to help them save time (39%), improve data security (21%), and provide more efficient customer service within their business (20%).''' | ||
* The report also revealed that over half (51%) of the small businesses surveyed are currently hiring, with the largest small businesses much more likely to be hiring (89%), compared to the smallest small businesses (20%). | * Of those who are not currently prioritizing artificial intelligence, almost 2-in-3 (65%) say they would consider or would maybe consider using AI in the future. | ||
* 41% of small businesses surveyed ‘often’ or ‘always’ turn down potential opportunities because they are unsure about their cash flow. | * The report also revealed that over half (51%) of the small businesses surveyed are currently hiring, with the '''largest small businesses much more likely to be hiring (89%), compared to the smallest small businesses (20%).''' Large and medium small businesses are twice as likely to be hiring due to financial growth than smaller businesses. | ||
* Reasons for the '''smallest group discontinuing hiring include a limited hiring budget, slow or stagnant growth, and a lack of personnel to hire and manage new employees'''. Regarding the latter, the survey found that almost 1-in-4 small businesses have had difficulties hiring and have spent too much time on interviewing. | |||
* '''41% of small businesses surveyed ‘often’ or ‘always’ turn down potential opportunities because they are unsure about their cash flow.''' | |||
== Funding == | == Funding == | ||
=== Senior Loan Officer Opinion Survey === | === Senior Loan Officer Opinion Survey === | ||
=== Q1 2023 === | |||
== Past Recessions == | == Past Recessions == | ||
== References == | == References == | ||