23.3 C
New York
Thursday, July 7, 2022

Buy now

51% Of SMBs Concerned Inflation Could Cause Shutdowns

By Anna Peel. Originally published at ValueWalk.

SMBs

Results from Alignable’s Small Business Inflation Poll have just been released, showing that 51% of SMBs are concerned inflation could force them to close their businesses within the next six months. The survey was conducted from 5/7/22 to 5/22/22 among 5,268 randomly selected SMB owners.

SMBs Concerned Inflation Could Cause Shutdowns

Here are more highlights:

  • Focusing on the 51% who are most concerned:
    • 1% have already closed due to inflation
    • 1% plan to shutter by the end of June
    • 26% are “highly concerned,” and
    • 23% are “somewhat concerned.”

Q1 2022 hedge fund letters, conferences and more

  • Another 11% are “slightly concerned,” 17% say it’s hard to say either way
  • Only 21% say they’re “not at all concerned.”
  • 72% of restaurant owners are worried: 49% are highly concerned
  • 60% of minority owners & 53% of women running their own companies are nervous about inflation, too
  • States with the most-worried small business owners include MD (58%), CT (57%), TN (57%), CO (54%), MA (54%) and WA (54%). In Canada, AB (61%) & ON (54%) top the list
  • Other poll results show additional economic factors magnifying concerns:
    • 37% have only one month or less of cash reserves
    • 44% are earning 50% or less of their pre-COVID monthly revenues 
    • 49% say their costs have increased by more than 25%, but only 16% are able pass those expenses onto customers
    • Rent has spiked for 52% of those polled (up 6% from 46% in April)
    • 60% say inflation has been worse than COVID

SMBs

Many quotes bringing these sentiments to life are featured, as well. Here are a few:

  • “It’s just a matter of time before we have no working capital left to operate with. I’m about to lose everything.”
  • “It’s just too hard to keep going. Shutting down later this month or next.”
  • “Fuel costs might be the death of my business.”
  • “I’ve weathered four recessions. I’ll keep going. Just means stress and poverty for my family.”

SMBs

Updated on

Sign up for ValueWalk’s free newsletter here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

161,006FansLike
408,784FollowersFollow
2,110SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x