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:
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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