Inflation is a significant challenge for small business owners

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 10, 2022, 1:27 AM GMT+0

Net 27% of small business owners plan to increase compensation in the next three months, according to the NFIB Small Business Optimism Index report.

In 2022, more small business owners are increasing prices to combat inflation. In the report, optimism fell marginally to 97.1 points, while inflation grew (seasonally adjusted) by four points to a net 61%. The latest Optimism rating being down 1.8 points from December 2021 is a challenge.

Inflation is the most critical business problem for 22% of small business owners. The report from December showcased the same result, making it the highest ever reading for inflation, since 1981.

A net 50% of small businesses, which is a 48-year high, have increased compensation to attract skilled personnel to open positions. Additionally, 23% of businesses cited labour quality as their top business issue, while 11% cited labour prices as a top issue.

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