A new survey by Next Insurance shows small businesses stressing over the economy and rising inflation.
Only 29% of respondents said they felt optimistic about an economic recovery in the next year, according to the survey of 1,000 small businesses across the nation. Another 35% said they have considered closing their business.
Following the pandemic, small business owners said they are working more hours and about a third of respondents said they are performing duties usually handled by someone else.
Thirty percent said employee turnover is high, with 28% reporting they’ve been “ghosted” by employees even though the survey revealed these business are paying about $24 per hour – about $2 more than two years ago. Just 8% of small businesses said they pay less than $10 per hour.
Some 91% of small-business respondents said they have had to raise prices due to supply-chain issues and inflation, according to Next Insurance, which began as a managing general agency in 2016 and became a carrier in 2018, targeting small and medium businesses with an online platform that leverages artificial intelligence and machine learning.