Survey shows higher costs, supply shortages are hurting Michigan’s small businesses
July 26, 2022
FOR IMMEDIATE RELEASE
July 26, 2022
LANSING – Continually rising costs and supply shortages are the main challenges impeding Michigan small businesses success, according to a new survey released today by the Small Business Association of Michigan.
“Michigan’s small businesses are still facing significant obstacles every single day,” said SBAM President and CEO Brian Calley. “Higher costs, supply shortages and inflation are a constant roadblock for small businesses as they go above and beyond to be successful.”
More than 91% of survey respondents reported the challenge of higher costs as one of the biggest struggles facing their businesses. The survey, conducted July 12 – 21, of over 300 small businesses also revealed that:
- 82% of small businesses are experiencing supply shortages
- 69% said rising inflation is impacting their business
- 57% are experiencing supply chain disruptions
- 28% of small businesses surveyed are pessimistic about business outlook in the next six months, and 18% are pessimistic about overall business survival
- 64% of those surveyed said it is harder to keep their businesses fully staffed than before the pandemic
- 70% of small businesses have raised wages to attract and maintain employees over the past year.
The Small Business Association of Michigan focuses solely on serving the needs of Michigan’s small business community through advocacy, collaboration and buying power. Today they serve over 30,000 members in all 83 counties of Michigan. SBAM is located in Lansing, just one block from the Capitol.
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Photo by Jacques Dillies on Unsplash