BOSTON–A new survey of small business owners finds nearly half say their businesses are at risk of failing by the fall of this year unless economic conditions improve significantly.
According to Alignable's Small Business Revenue Report , which is based on a poll of 4,392 randomly selected small business owners conducted from June 10-July 13, 2022, along with historic data from 680,000 surveyed since March 2020, key highlights include:
- 47% of small business owners (SMBs) say they're businesses are at risk of closing by Fall of '22, unless economic conditions improve significantly
- That's up 12 percentage points from last summer, when only 35% were concerned about economic issues forcing them to shut down, Alignable said.
- And SMBs in key industries face even bigger problems: 59% of retailers are at risk, along with 52% in construction, 51% in the automotive sector, and 50% of restaurant owners.
- Supporting these unfortunate trends, the total percentage of SMBs reporting that they've fully recovered has dropped 7 percentage points since last summer. In the Summer of '21, 33% were fully recovered. But now, that number has declined to a new low: just 26%.
- Looking at different states and provinces, small businesses in CO (54%), MI (52%), OH (51%), PA (51%) , and Texas (51%) are struggling the most.
- In Canada, small businesses in British Columbia (47%) and Ontario (46%) top the list.
Additional details can be found here.
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