Small Business Support Can Change Stormy Forecast
A June 2022 survey of participants in Goldman Sachs’ 10,000 Small Businesses program1 showed that 78% of owners believe the economy worsened in the preceding three months and 93% are worried about a U.S, recession. Fortunately, small businesses are experienced at weathering economic volatility, especially when they receive support and capital investment. The good news is that when it comes to the long term, many owners are still optimistic.
Key takeaways on the current small business climate:
- 89% of respondents say inflation, supply chain issues, and gas prices are having a negative business impact.
- 40% report hiring had worsened and 87% report finding it difficult to recruit qualified candidates.
- 63% cited higher labor costs as a challenge to the bottom line.
- Exceeding benchmarks for both job growth and revenue growth can occur when small businesses have support. 65% of the enterprises Goldman Sachs works with through 10,000 Small Businesses are optimistic about the financial trajectory of their business this year.
Despite the storm clouds, small business owners believe reauthorizing the Small Business Administration and policies that help them recruit and retain employees, like enhanced paid family and medical leave, are silver linings that will position them for long-term growth. With the addition of a crucial support network offering access to education, working capital, and business services, small businesses can ride out downturns.
Personal financial planning is a critical element of success that small business owners should not neglect. A business plan helps a business succeed in the long run; personal financial management helps a business owner succeed in the long run too.
Read the full article at goldmansachs.com
1 The Goldman Sachs 10,000 Small Businesses community represents a network of more than 245,000 employees, more than 12,000 businesses served and more than $17bn in total annual revenues. Source: Survey of 1,533 Goldman Sachs 10,000 Small Businesses participants conducted by Babson College and David Binder Research from June 20-23,2022. The survey included small business owners from 48 U.S. states and two U.S. territories.
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United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) is a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization.
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