Report Finds Road Bumps to Small Business Recovery
February 2, 2022
Small business recovery stalled in January, after gains made in December, according to a new report from Alignable.
The January report, which featured data from 6,305 small business owners between January 15-30, 2022, revealed only 30% of small businesses are fully recovered, down 13% from December. Inflation is the greatest concern among these companies, along with the effects of the Omicron coronavirus strain on their business.
The report found:
- More than two out of three (68%) of small business owners are nervous that the latest coronavirus strain will negatively impact their growth, up from 44% in December
- More than half (53%) said Omicron has already had negative effects on their business, impairing their recovery
- Among minority-owned businesses, 63% say Omicron has negatively impacted them.
- Only 30% of small businesses say they’re already at pre-COVID levels, down from 43% in December
The January report did find an improvement in hiring, with 38% of business owners finding it challenging to find or rehire employees in comparison to pre-COVID levels, compared to 43% last month.
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