Data Snack: SMBs are growing increasingly resilient against macro headwinds
- SMBs are confident they can successfully get through another period of economic difficulty despite inflation and supply chain issues, a new survey by Kabbage shows.
- Having experienced the pandemic, SMBs feel better prepared to successfully navigate another period of economic turbulence.
The US small and medium sized business sector is showing no signs of slowing – even with inflation, supply chain issues and a potential recession looming, SMBs are confident they can successfully get through another period of economic difficulty, according to a new Kabbage survey.
The small and medium sized business sector has grown significantly in the US over the past few years. In 2021, 5.4 million new small businesses entered the market, marking a 53% increase from pre-pandemic levels, according to census data. And just in the first quarter of this year, nearly 1.3 million applications were filed.
This shows that more people are reconsidering their careers and finally taking the leap to own and run their own businesses, according to Brett Sussman, CMO at Kabbage.
The stressful times small businesses experienced during the pandemic came with a silver lining – a third of SMBs surveyed now feel better prepared to successfully navigate another period of economic turbulence.
This content is available exclusively to Tearsheet Outlier members.
Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account