Inflation remains top concern among small businesses
LANSING – Despite recent national banking concerns, small businesses have confidence in their financial institutions, according to a new survey released by the Small Business Association of Michigan.
“Though challenges remain for Michigan’s small businesses, they continue to show confidence and optimism for the future,” said SBAM President and CEO Brian Calley. “We are encouraged that despite recent events our members have confidence in Michigan’s banking and financial institutions.”
The survey showed that 91 percent of respondents have confidence in Michigan’s banking and financial institutions. The majority of small businesses reported not experiencing a change in access to capital.
The survey, conducted April 5-14, 2023 of approximately 550 small business owners also revealed that:
- 90 percent of respondents are experiencing higher costs compared to normal times.
- 63 percent of small business owners report inflation as the top concern facing their businesses.
- 68 percent of small businesses report having a hard time finding and keeping their business fully staffed.
- 75 percent of respondents have increased wages to attract and retain employees in the last year.
- 45 percent of small businesses have plans to increase staff size in the next year.