New Chase Survey: Small Businesses Remain Resilient Amid Labor Shortage, Market Challenges
Nearly half of U.S. small business owners (48%) are feeling more upbeat about their company's performance since this time last year citing strong technology infrastructure and new contingency plans in place to manage unexpected disruptions, according to a new survey from Chase. To combat the tightening labor market, two-thirds of respondents plan to invest in their workforce through additional hiring, employee training and development, expanded benefits, and increased pay.
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(Graphic: Business Wire)
Ahead of Small Business Week, Chase's new Small Business Survey polled 1,000 small business owners to understand their financial and strategic business priorities, and how they view the state of their business following two challenging years of economic uncertainty.
"Small businesses are at the heart of every community. They create jobs and support their neighborhoods in good times and bad," said Ben Walter, CEO of Chase Business Banking. "We are inspired by their resilience, ingenuity and service to others, and are here to offer the support, solutions and service they need to thrive."
When evaluating small business owners' reflections on the state of their business, the survey evaluated four key areas: Workforce, Financial, Purpose & Vision and Operations.
The survey also asked respondents about the most important products, tools and resources they sought from a financial partner in order to grow and sustain their business. Key business qualities include:
During the month of May, to celebrate Small Business Week and beyond, Chase for Business plans to introduce new tools, offers, and events for small business owners across its suite of products including Chase Business Checking, Chase Ink credit cards and Chase Payments Solutions. Updates include:
"Small business owners are especially busy managing their business through these challenging times. They need a financial partner that reduces the complexity of how they accept payments while providing them access to their money as quickly as possible," said Brad Brodigan, Global Head of Small Business at Chase Payment Solutions. "Chase Payment Solutions is delivering on those small business needs with our Chase QuickAcceptSM and Chase Smart TerminalSM."
To learn more about how Chase is supporting the resiliency of small business owners, please visit www.chase.com/smallbusinessweek
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $4 trillion and operations worldwide. Chase serves more than 66 million American households and 5 million small businesses with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
ABOUT THE SURVEY
Chase and TRUE Global Intelligence, the in-house research practice of FleishmanHillard, conducted a 15-minute online survey from March 31 to April 15, 2022, among U.S. small business owners aged 18 or older. For the purposes of this survey, small businesses are defined as companies with annual revenues between $50,000 and $20M.
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