Borrell’s latest Business Barometer took a look at economic conditions in the eyes of local business owners. Borrell’s Corey Elliot released information about how small businesses are thinking about the economy and how they plan to attack it in 2022. Here’s what he uncovered….
49% of small business owners believe the economy is in fair shape heeding into 2022, according to the latest data released from Borrell. Only 22% say it’s good and 4% say it’s excellent. The last time the Borrell survey was as pessimistic was back in 2016.
When small business owners were asked how they felt about the next 6 months, 34% said they expect the economy to get even worse. Even with that number so high, 29% of those surveyed say they plan to spend more on marketing in the next 6 months, while only 15% said they plan to spend less.
Here are the top five issues facing small businesses, according to the latest Borrell data:
#5) Hiring
#4) Inflation
#3) Changing Media Mix
#2) Messaging
#1) Planning Challenges
Watch Corey’s latest video episode about small businesses HERE.
