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Small Business 2023: Wrapped

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Town Square Marketplace building exterior.

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:

  • 50% of small business owners reported their firms as profitable for 2023 and 61% have a positive outlook for their own business in 2024.

  • 55% of small business owners report that revenues have not kept up with inflation.

  • 34% of small business owners report sales growth in 2023 and 32% report a decline.

  • 31% report increased profitability in 2023 and 39% report a decline.

  • 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).

  • 71% of small business owners have taken or are planning on taking steps to prepare for a recession.

  • 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.

  • 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.

The post Small Business 2023: Wrapped appeared first on Shortgo.


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