Small businesses across the country display a mix of optimism and apprehension about the economy and their own performance. Inflation remains a top concern for small business owners, with 80% of respondents in a recent survey citing it as their main worry. This aligns with other surveys that show widespread concern over high prices.
According to the OnDeck-Ocrolus Small Business Cash Flow Trend Report, small business owners are remarkably optimistic about their future business growth, with 92% of respondents expressing confidence. The report's cash flow data reveals that small businesses on the platform experienced an average of 25% growth in median revenues over the past 18 months. This positive outlook is also reflected in other reports, showing an overall uptick in small business optimism.
While business owners remain resilient, they face challenges in finding qualified employees. Over half of the respondents in the OnDeck-Ocrolus survey reported difficulty in hiring qualified personnel. The National Federation of Independent Business (NFIB)'s January Jobs Report revealed that 40% of small business owners had job openings that they were unable to fill, and 89% of those actively hiring reported a shortage of qualified applicants. This recruitment struggle is a consistent theme across various small business surveys.
As for future hiring expectations, the Census Bureau's Business Trends and Outlook Survey (BTOS) highlights a correlation between business size and anticipated job growth. Smaller businesses, particularly those with fewer than five employees, demonstrate lower expectations for increased staffing within the next six months. On the other hand, larger firms are more inclined to predict an uptick in hiring.
In order to gain a comprehensive understanding of small business trends, it is crucial to monitor the various surveys and reports available. The recently released OnDeck-Ocrolus Small Business Cash Flow Trend Report provides valuable insights by combining survey results with actual cash flow data. These multiple data sources contribute to a more robust measure of small business performance, thereby enhancing our understanding of the current business landscape.
Overall, small businesses remain optimistic about their growth prospects despite inflation concerns. However, the struggle to find qualified employees persists. Understanding these dynamics and staying informed about small business data will be essential as we navigate the year ahead.
