Page 19 - THE SOUTH CHINA BUSINESS JOURNAL
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ces. Ove the past year, inflation has been the unemployed person in the country found a job,
top concern of small businesses by far, according we would still have almost 5 million open jobs.
to the MetLife and U.S. Chamber of Commerce The lack of workers is hitting small businesses
Small Business Index. In the latest survey, over across almost every industry: Recently, the
half of small businesses said inflation is the top National Federation of Independent Business
challenge facing the small business community. (NFIB) found that almost half (47%) of small
business owners reported job openings that were
Access to capital declines hard to fill.
Over the long term, small businesses’ perceived Strengthening local communities
access to capital to fund and grow their business
has declined. Consumers are increasingly looking to support
businesses in their local communities. Small
According to the Q1 2023 Small Business Index, Business Saturday has become a great way to
almost half (49%) of small business owners said support small business owners in neighborhoods
their current access to capital or loans is good. across the country every year around the
This is slightly lower than those who rated their holidays—but there are many reasons to support
access to capital as good in Q2 2022 (54%) and local businesses year-round.
significantly lower than in Q2 2017 (67%).
At the same time, small businesses are looking
Small business owners are working harder to reciprocate the goodwill and give back to their
local communities in return. When asked about
Small business owners report working longer how they have engaged with their community in
hours than they used to just a few years ago. the past year, here are small businesses’ most
popular answers:
Six years ago, 30% of small business said they
were working more hours than they were a year • 70% have encouraged employees to shop at
ago. In 2022, half (50%) of small business owners local small businesses.
said they are working more hours now than they
were a year ago. This equates to a very significant • 66% have donated to local charities over the
20-percentage point increase in the share of small past year.
business owners that report working more hours.
• 64% say they sponsored or donated goods/
One factor that might be contributing to owners services to local events.
working longer hours is the persistent worker
shortage. Right now, we have more than 10.8 • 56% say they offered discounts to certain
million open jobs in the U.S., but only 5.9 million groups within the community, like teachers
unemployed workers. In other words, if every or veterans.
Source: MetLife and U.S. Chamber of Commerce Small Business Index Q1 2023
SOUTH CHINA BUSINESS JOURNAL 16
top concern of small businesses by far, according we would still have almost 5 million open jobs.
to the MetLife and U.S. Chamber of Commerce The lack of workers is hitting small businesses
Small Business Index. In the latest survey, over across almost every industry: Recently, the
half of small businesses said inflation is the top National Federation of Independent Business
challenge facing the small business community. (NFIB) found that almost half (47%) of small
business owners reported job openings that were
Access to capital declines hard to fill.
Over the long term, small businesses’ perceived Strengthening local communities
access to capital to fund and grow their business
has declined. Consumers are increasingly looking to support
businesses in their local communities. Small
According to the Q1 2023 Small Business Index, Business Saturday has become a great way to
almost half (49%) of small business owners said support small business owners in neighborhoods
their current access to capital or loans is good. across the country every year around the
This is slightly lower than those who rated their holidays—but there are many reasons to support
access to capital as good in Q2 2022 (54%) and local businesses year-round.
significantly lower than in Q2 2017 (67%).
At the same time, small businesses are looking
Small business owners are working harder to reciprocate the goodwill and give back to their
local communities in return. When asked about
Small business owners report working longer how they have engaged with their community in
hours than they used to just a few years ago. the past year, here are small businesses’ most
popular answers:
Six years ago, 30% of small business said they
were working more hours than they were a year • 70% have encouraged employees to shop at
ago. In 2022, half (50%) of small business owners local small businesses.
said they are working more hours now than they
were a year ago. This equates to a very significant • 66% have donated to local charities over the
20-percentage point increase in the share of small past year.
business owners that report working more hours.
• 64% say they sponsored or donated goods/
One factor that might be contributing to owners services to local events.
working longer hours is the persistent worker
shortage. Right now, we have more than 10.8 • 56% say they offered discounts to certain
million open jobs in the U.S., but only 5.9 million groups within the community, like teachers
unemployed workers. In other words, if every or veterans.
Source: MetLife and U.S. Chamber of Commerce Small Business Index Q1 2023
SOUTH CHINA BUSINESS JOURNAL 16
