Small Business Owners Feeling Optimistic for 2023
According to the January 2023 Road to Recovery Report by small business online network Alignable, 61% of the small business owners surveyed believe that 2023 will be a good year for them. Within that group, 26% went as far as saying the new year will be a great, stating expectations to thrive and expand.
Amid news of high inflation, rising interest rates, and a looming recession, 56% of the 5,703 randomly selected small business owners polled from December 31, 2022, to January 19, 2023, still said they’re more optimistic about their business success now than they were at the same time last year. Worries about inflation, while the top concern, decreased from 32% to 30% in the past month.
Despite the optimism, most of the business owners (56%) do fear that a recession could hit in 2023. They also reported that they are continuing to feel the negative effects of the COVID-19 pandemic. Only 38% said they’re generating as much revenue monthly as they did prior to COVID-19, even though 45% saw a rise in customers. But 82% of the small businesses reported being fully reopened, with only 12% still noting a significant financial impact from the pandemic (compared to 33% last year).