While 71 percent of small businesses are hiring, 81 percent of those businesses report difficulty recruiting qualified candidates as operating costs continue to rise. (June 9, 2021, 9:00 AM) See full survey results here.
A new national survey of small business owners from Goldman Sachs 10,000 Small Businesses Voices shows that small businesses across America are open for business but hitting roadblocks at every turn.
While small business owners express optimism about the future, they face difficulties hiring employees and maintaining payroll as operating costs increase. Long-term access to capital and inflation are also pressing concerns for Main Street businesses.
71% | Percentage of small businesses surveyed that are currently hiring
81% | Finding it difficult to recruit qualified candidates, citing a limited labor supply, generous unemployment benefits, and high labor costs.
83% | Percent of small business owners who report an increase in operating costs in the past few months
82% | Are concerned about the impact of inflation on their businesses
48% | Have had to increase their prices
44% | Still struggling financially due to the impact of COVID-19
67% | Believe the United States is moving in the right direction
61% | Support the American Jobs Plan
60% | Support the American Families Plan
50% | Believe it will help their business
82% | Owners who received a second PPP loan who expect to exhaust their PPP loan funding by the end of July
24% | Confident they will be able to maintain payroll if no further government relief is provided
93% | Support Congress re-evaluating the SBA loan terms so that hard-hit small businesses can access capital
88% |Support increasing opportunities for small businesses through the federal procurement process
93% | Call on state and local governments to prioritize contracts for small businesses as part of the proposed package
“Small businesses are the engine of the economy and need continued support from our policymakers to make a full recovery. Today’s survey shows that Washington must act now to address hurdles on the road to recovery, including rising operating costs, access to capital, and labor shortages.”
Founder & CEO of Ethel’s Baking Company
Member of the 10,000 Small Businesses Voices
National Leadership Council
The survey of 857 Goldman Sachs 10,000 Small Businesses participants was conducted by Babson College and David Binder Research from June 1-2. The survey included small business owners from 46 U.S. states and two U.S. territories, 53% of whom were women.
Goldman Sachs 10,000 Small Businesses Voices is an initiative for program participants to organize and advocate for policies that matter to them. It builds on Goldman Sachs 10,000 Small Businesses, which over the past decade has provided access to education, capital, and support services to more than 10,000 small business owners across all 50 states, Puerto Rico, and Washington D.C.