Survey Finds Business Leaders Optimistic for 2023

News has been mixed in 2022. While the economic climate has fluctuated throughout the year, according to a new survey from Nationwide insurance conducted in October of 2022, business owners feel optimistic about the coming year.

The survey included both small and mid-market business owners, with nearly 900 participating in the survey.

Key Survey Findings

Some of the key findings in the survey include the following:

58% of small business owners indicate that they are currently struggling with how inflation is impacting their business, with 54% of mid-market businesses reporting the same
68% of small business owners and 64% of mid-market business owners expect inflation to have an even greater impact on their business in 2023
58% of mid-market business owners continue to struggle with a labor shortage
42% of mid-market businesses expect to face challenges with retaining current workers

Despite these somewhat grim numbers, business owners remain positive when looking towards 2023.

44% of small business owners and 63% of mid-market business owners think general business conditions are improving
67% of small business owners and 82% of mid-market business owners believe that their business is headed in the right direction

The survey also found that over half of all small and medium business owners are currently operating full time, in person, with little change expected in 2023. Another impact seen in the survey is retirement. 27% of small business owners are currently delaying retirement, while 42% of mid-size business owners have pushed their retirement to a later date.

Struggles will continue into 2023

Finally, both small business owners and mid-market business owners are expecting some struggles, sharing the following concerns:

Small Business Owner Concerns for 2023

56% are concerned about managing inflation
37% are concerned about attracting new customers
26% are concerned about retaining current employees
23% are concerned about keeping employees engages and productive
21% are concerned about managing public health emergencies

Mid-Market Business Owner Concerns for 2023

54% are concerned about managing inflation
42% are concerned about retaining current workers
41% are concerned about preventing worker burnout and managing mental health
39% are concerned about hiring new workers
39% are concerned about managing public health emergencies

Even amidst concerns, optimism remains

Small and mid-market business owners are also concerned about the impact that supply chain disruptions will have on their business in 2023, and mid-market businesses in particular are concerned about quiet quitting in their business, with 60% of mid-market owners citing this as an ongoing concern.

Despite the impacts from inflation and continuing staffing struggles, small business owners and mid-market business owners remaining optimistic for a successful 2023, with both expecting an increase in revenue in 2023.