A new Nationwide Agency Forward survey finds that 70% of small business owners expect a recession within the next six months.
In observing where they may be able to cut costs, nearly half of business owners surveyed said they would consider decreasing current insurance coverage to reduce operational expenses.
Other survey statistics among the 401 respondents:
- 6 in 10 small business owners say inflation and rising costs have negatively impacted them.
- 35% say they have been negatively impacted by interest rate hikes.
- Almost 4 in 10 (39%) say their business revenue has decreased over the past six months, with most declines being as high as 30%
To see more from the Nationwide Agency Forward survey, click here.