Small Business Support Can Change Stormy Forecast

By Goldman Sachs

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.

Speak with a Goldman Sachs personal financial advisor. Connect with us

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 (“GS&Co.”) and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization. Advisory services are offered through United Capital Financial Advisers, LLC and brokerage services are offered through GS& Co., member FINRA/SIPC.

GS PFM makes recommendations based on the specific needs and circumstances of each client. Clients should carefully consider their own investment objectives and never rely on any single chart, graph, or marketing piece to make decisions. Investing involves risk, and investments may lose value. There are no investment strategies that guarantee a profit or protect against loss.

GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances.

The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. The material is based upon information which we consider reliable, but we do not represent that such information is accurate or complete, and it should not be relied upon as such. The information, data, analyses, and opinions contained herein include confidential and proprietary portfolio information of GS PFM, may not be copied or redistributed for noncommercial or personal purpose without GS PFM’s expressed permission.

All names, logos, and slogans identifying GS PFM or GS PFM’s products and services (including, without limitation, HonestConversations®, MoneyMind®, FinLife®, Financial Control Scorecard®, Live Richly℠, We Help You Live Richly℠, Helping People Live Richly®, One Best Financial Life®, Ideal Life Index®, GuideCenter®, InvestmentViewfinder℠, GS PFM Financial Life Management®, and Financial Years of Freedom℠) are trademarks and service marks or registered trademarks and service marks of GS PFM or its affiliates in the United States and/or other countries.

© 2022 United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management. All Rights Reserved.

Gs logo
ABOUT THE AUTHOR

Goldman Sachs

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.

The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances. Please contact your financial adviser with questions about your specific needs and circumstances.

Information and opinions expressed by individuals other than GS PFM employees do not necessarily reflect the view of GS PFM. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.

Ready to start a conversation? We’re here to listen.

Conversation

Tell us about yourself at no cost or obligation.

  • An introduction to an advisor
  • A personal conversation
  • Your questions answered

Confirmation success!

Thank you for your submission.

By submitting this information, you hereby authorize and request that PFM contact you at the number submitted through any direct contact and any automated means, including but not limited to use of an auto-dialer, pre-recorded/artificial voicemail and SMS, and by email to discuss PFM’s products or services and you acknowledge that PFM will use your information as described in its Privacy Policy and Terms of Use. PFM may share your information with other subsidiaries of The Goldman Sachs Group, Inc. and they may also contact you directly through any of the same means listed above.

To withdraw your consent to receive calls or to change your contact preferences, please call us at 1 (800) 796-3315. To stop marketing emails, follow the opt-out instructions in the email received.