On today’s Business Beat, Jeff highlights important current concerns shared by small business owners, specifically how inflation pressures and a resurgence in coronavirus cases due to the Delta variant are hampering the once promising recovery of small businesses across the U.S.
Tune in to the Business Beat, below, to learn more about what a Goldman Sachs report reveals about the small business outlook:
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Good morning, Paul!
A new Goldman Sachs group report has just been released and it highlights the sentiments of small business owners today. And the key takeaway is that it reveals important current concerns shared by small business owners, specifically how inflation pressures and a resurgence in coronavirus cases due to the Delta variant are hampering the once promising recovery of small businesses across the U.S.
Now among the 1,200 or so respondents surveyed around the end of August, about 75 percent worry about the impact of rising COVID infection rates on their businesses, Goldman Sachs said Tuesday in its report. Well, some 86% said they’re concerned about inflation with 81% seeing an increase in pricing pressures since the firm’s last survey just this past June
Joe Wall, national director of Goldman Sachs’ 10,000 Small Businesses Voices program had this to say: “There’s been a big sentiment shift when it comes to inflation and workforce challenges. Hiring conditions have also deteriorated since June. Those themes are becoming more and more pronounced in terms of the challenges in addition to access to capital or the lack thereof that we consistently hear from small businesses.”
And it’s these concerns among others that are now driving a downward trend in overall sentiment amongst small business owners, in fact, so much so that the number of those small business owners think that the U.S. is moving in the right direction is now declining. And what a shame that is, Paul, given the momentum we’ve been experiencing in the small business sector.
Again, I’ll point out as we have often on the Business Beat that we’re seeing a rush to start small businesses during this post-pandemic era like we’ve never seen before in the company’s history And we certainly hope that the rising concerns don’t throw cold water on all of the enthusiasm we’ve been seeing out of the small business community and aspiring entrepreneurs alike.
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.