Spotify isn’t the only organization that offers a wrap from the past year; the SBE Council has released the results from their Small Business Checkup Poll for Q4. This poll saw a mostly positive reflection on the past year, and tentative hopefulness for the future:
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50% of small business owners reported their firms as profitable for 2023 and 61% have a positive outlook for their own business in 2024.
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55% of small business owners report that revenues have not kept up with inflation.
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34% of small business owners report sales growth in 2023 and 32% report a decline.
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31% report increased profitability in 2023 and 39% report a decline.
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71% of small business owners have a negative outlook on future economic conditions, with inflation topping the list of concerns (87% concerned that inflationary pressures will continue through 2024).
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71% of small business owners have taken or are planning on taking steps to prepare for a recession.
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32% of small business owners plan on increasing staff in the next 6 months and 50% will keep current staffing levels. 13% of small businesses plan on downsizing.
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68% of small business owners believe they will be operational in 2025.
Go deeper: The U.S. Chamber of Commerce has more end-of-year recaps available, including small business borrowing tendencies, generational workforce interests, inflation concerns/impacts, and much more.
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