Inflation Number One Business Problem for Small Business Owners
Summary: US small business owners are worried about inflation and the weakening economy. As an entrepreneur, what are your biggest business concerns right now?
I came across an article from Reuters this morning talking about the small business outlook on the US economy, and how apparently it’s the worst it’s been since 1980. Read the article.As a small business owner in the US, how do you feel about the weak economy? Are you worried? According to the article, inflation is the biggest business concern for small businesses - with the slowing economy not stopping that inflation. Do you agree?
I’ll admit that inflation’s a problem. As I mentioned in a past post though, the thought of a recession really doesn’t bother me - given the type of work I do, it can even be good for my business, because folks are more interested in hiring independent professionals to save on labor costs. So while it’s a problem in my eyes, I wouldn’t necessarily say it’s the biggest.
Are your views more in line with this report? What business problems plague you the most from an economic standpoint as an entrepreneur?
I really don’t think any one problem can be labeled “biggest.” I think what determines a big problem depends on the industry. So some industry, it may be government regulation, for others it may be the weather.
Perhaps, but surveys will always generalize, because they’re choosing subjects from across multiple industries - so this was the biggest problem revealed for small business owners overall, which would imply it’s a pretty big concern in more than just a few industries.