Despite the impacts from inflation and continuing staffing struggles, small business owners and mid-market business owners remaining optimistic for a successful 2023, with both expecting an increase in revenue in 2023.
News has been mixed in 2022. While the economic climate has fluctuated throughout the year, according to a new survey from Nationwide insurance conducted in October of 2022, business owners feel optimistic about the coming year.
The survey included both small and mid-market business owners, with nearly 900 participating in the survey.
Key Survey Findings
Some of the key findings in the survey include the following:
- 58% of small business owners indicate that they are currently struggling with how inflation is impacting their business, with 54% of mid-market businesses reporting the same
- 68% of small business owners and 64% of mid-market business owners expect inflation to have an even greater impact on their business in 2023
- 58% of mid-market business owners continue to struggle with a labor shortage
- 42% of mid-market businesses expect to face challenges with retaining current workers
Despite these somewhat grim numbers, business owners remain positive when looking towards 2023.
