SMBs had a strong 2023, and they are planning to have an even better 2024
- Did SMBs completely evade the troubles of last year? 86% of small businesses report that they achieved their goals for 2023.
- Having survived uncertainty this new year SMBs are contemplating expanding their business by increasing hiring and investing more in their business, but inflation remains a pain point.
Did SMBs completely evade the troubles of last year? 86% of small businesses report that they achieved their goals for 2023, according to a new survey by American Express.
While SMBs seem to have come out of 2023 relatively unscathed, SMB-owners weren’t always this optimistic. Only last year, 80% of SMB owners reported that their long-term financial confidence was negatively impacted by macroeconomic conditions.
But having survived uncertainty, SMB-owners are feeling more optimistic about the new year, with 50% planning on growing their business this year. Customer retention and acquisition is top of mind for these businesses at the moment.
With expansion on the mind, 28% of SMB-owners are also thinking about increasing hiring activities and 46% of businesses report increasing their workforce as a top priority.
This may result in SMB-owners bolstering an already strong labor market. With jobs aplenty, SMB-owners are thinking of turning towards hybrid working models to attract talent.
But this pivot may not be enough.
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