Like catnip, I couldn’t resist the headline… “For small biz owners, things are weird.” Let’s dive into Axios on this one.
Inflation worries are soaring among small business owners, overtaking COVID-19 as a top concern. According to a survey released by the U.S. Chamber of Commerce today, these owners say that business is good right now. The survey showed that owners see relatively good business conditions. Two-thirds anticipate revenue going up over the next year.
And 43% intend to hire more staff — that’s up from 37% who said so during Q1 2022.
Still, many are worried about the overall economy. After all, most haven’t lived through a time of rising prices like this.
On the tech side, be aware that several industry experts are predicting that the chip shortage will not improve this calendar year. Gartner is projecting that the semiconductor supply chain will “step into the normal zone by third quarter 22”, and normal inventory across major chip categories is expected by the second quarter of 2023. Deloitte agrees… but Intel and the US Commerce Secretary predict the shortage will extend into 2024.
Why do we care?
This survey summarized something I’ve been considering. The conditions are weird. There is both hesitancy and optimism. There are warning signs and some clouds on the horizon. This survey validated my impressions with data.
So, plan for the worst and hope for the best. Those who plan and execute should be just fine.