Homebase Study Unearths Fears, Focuses and Ways Forward for Small Businesses Squaring Off Against Economic Turbulence
To mark National Small Business Week, Homebase shines a light on the tenacity of small business owners as they rise to economic challenges with latest research
SAN FRANCISCO, May 3, 2023 /PRNewswire/ -- – Homebase, the all-in-one team management app that helps more than 100,000 local small businesses manage their hourly teams, has released findings from an April 2023 survey of 550+ small business owners on what keeps them up at night, their shifting priorities in this economic climate and of course, the arrival of artificial intelligence (AI) on Main Street.
The state of small businesses is a unique and powerful indicator of overall economic health given small businesses employ 61.7 million Americans (totaling 46.4% of private sector employees), or about 40% of the nation's GDP. While often overlooked, they are a unique bellwether for early signs of change in the economy because they respond quickly to external factors such as the pandemic recovery, labor shortages, supply chain issues, interest rate hikes and changing consumer behaviors.
"The last few years have been brutal for small businesses. They were tested by the pandemic, and continue to face countless challenges. Despite all that, these surve findings paint a clear picture: the optimism of Main Street burns bright," said Homebase Founder & CEO John Waldmann. "It's this unstoppable grit and determination that makes Homebase proud to serve hard-working small businesses and their teams. The challenges they face have a downstream impact on our communities, and on all of us. Their resilience and adaptability is something to be inspired by. This is the spirit of National Small Business Week, and this is why everyone should be paying attention," said Waldmann.
Here are the key survey findings on the state of today's local small businesses:
With tools like Homebase, small businesses can build happier, more productive teams so they can face their fears head on, prioritize the things that matter, and stay ahead of the curve. Whether it's improving employee happiness and retention by automating admin tasks, or taking the friction out of recruitment with a seamless hiring process, Homebase's all-in-one team management app is specifically built to support local small businesses with hourly teams. Homebase automates the tedious tasks that slows them down and helps them work better together, so they can truly be unstoppable.
Homebase makes work easier for 100,000+ small (but mighty) businesses with everything they need to manage hourly teams: employee scheduling, time clocks, payroll, team communication, hiring, onboarding, and compliance. Just don't call us "Human Capital Management." We're an all-in-one team management app built for busiest businesses, so owners and employees can spend less time on bullsh*t and more time on what matters. To learn more, visit joinhomebase.com.
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