WJR Business Beat: Challenges Can’t Keep Small Business Optimism Down (Episode 386)

Good morning, Paul! Amidst all of the economic uncertainty that now exists, amazingly, small business owners remain optimistic about the future. MetLife and the U.S. Chamber of Commerce have gotten together to publish a small business index that makes clear that entrepreneurs are resilient and generally very positive by nature. Although not quite back at the pre-pandemic levels, the overall small business index score is at its highest level since just prior to the start of the pandemic. Now the index data shows that roughly 3 in 5, that’s about 60%, of small business owners, say their businesses are in good health. Moreover, positive trends include more hiring and more investment by small business owners and that’s indicative of a general perspective that is positive. Biggest concerns? Soaring inflation. Eighty-five percent of small business owners indicate that they are concerned about the impact of inflation with half of those saying that they’re even very concerned. And roughly two-thirds of businesses indicated that they’ve already had to raise prices in order to offset the negative impact of their rising costs. Now, Tom Sullivan, U.S. chamber vice president of small business policy, had this to say: “It’s encouraging to see the steady rise in business confidence on Main Street in spite of all the current challenges.” So, Paul, more than anything else for me, seeing this kind of optimism in the face of these current challenges just underscores the mettle and tenacity and positive nature that are primary hallmarks of our entrepreneurial community. It’s hard to knock these guys down, Paul, and that’s a beautiful thing. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.