Wednesday, February 1, 2023
Account
Write for us
USA Wire
  • News
    • Politics
    • Sports
    • World
  • Business
    • Entrepreneurship
    • Finance
    • Marketing
  • Culture
    • Lifestyle
    • Celebrity
    • Travel
  • Entertainment
    • Gaming
  • Sports
  • Health
    • Food
    • Fitness
  • Crypto
  • Technology
No Result
View All Result
  • News
    • Politics
    • Sports
    • World
  • Business
    • Entrepreneurship
    • Finance
    • Marketing
  • Culture
    • Lifestyle
    • Celebrity
    • Travel
  • Entertainment
    • Gaming
  • Sports
  • Health
    • Food
    • Fitness
  • Crypto
  • Technology
No Result
View All Result
USA Wire
No Result
View All Result
Home Business

U.S. Small Businesses Nearly Doubled Revenue

USA Wire Staff<span class="bp-verified-badge"></span> by USA Wire Staff
September 21, 2022
in Business
Reading Time: 3 mins read
Small Businesses
9
SHARES
61
VIEWS
Share on FacebookShare on Twitter

Kabbage from American Express issued the seventh installment of its Small Business Recovery Report, which tracks U.S. small businesses’ recovery trends and growth outlook. Polling 550 small business leaders, the latest report shows that the businesses surveyed have nearly doubled monthly revenue between July 2021 and July 2022, while profits slightly declined amidst economic hurdles. They are facilitating growth by modifying their business tactics – offering increased benefits and flexibility for workers and investing in digital transformation. 

U.S. small businesses are adjusting to survive and flourish during challenging economic times. Inflationary pressure and challenges with hiring and retaining talent, among other factors, are driving them to fine-tune their business practices.

Offsetting Economic Costs & Supporting Growth

The June 2022 Small Business Recovery Report showed that 80% of small businesses are confident they could withstand a potential U.S. recession. The data from the latest report helps illustrate why. Since March 2021, the Small Business Recovery Report has captured self-reported revenue and profits from small businesses across the U.S. Cross-analyzing the survey results between July 2021 and July 2022, the data shows U.S. small businesses revenues have increased on average by 87%. 

RecommendedReads

How hiring a realtor can save you more than money

NR Marketing NYC: A Premier Marketing Agency for Modeling Agencies and Influencers

Declaring And Paying Tax On Cryptocurrency In India

While revenue is up, the data also revealed that overall profits among U.S. small businesses have slightly declined by 4% over the same period. The data shows continuing to anticipate future economic obstacles as 75% of respondents report feeling impacted by inflationary pressures, and 56% expect pressures to last at least a year until summer 2023. 

Yet, small businesses are actively balancing increased costs. From the latest Small Business Recovery Report, 37% stated they plan to raise prices, 22% aim to negotiate better deals with suppliers, and 22% are cutting lower margin products and services from their offerings. An additional 33% of small businesses plan to prioritize customer relations and strengthen customer loyalty to help increase future revenue. 

The New Way to Work Is Working

As small businesses contemplate costs, they’re also rethinking how best to navigate employee recruitment and retention. 47% of all small business respondents reported that inflation impacts their labor market by pushing them to accommodate and compensate for higher healthcare, enriched employee benefits, and more frequent pay raises. 

Small businesses are also leaning into the new way of work by offering hybrid and remote work options. 49% of them have offered flexible work options to stay competitive in the labor market, with hybrid work (27%) being the most popular option. This has proven effective as 77% of respondents reported it has positively impacted their ability to attract new employees. 

When analyzing hybrid and remote working options by business size and age, the highest adoption rate is among businesses less than two years old (57%); and these options are nearly twice as likely to be implemented among the largest small businesses compared to the smallest small businesses. 

The Benefits of Business Intelligence(Opens in a new browser tab)

Expanding Investments for Growth

U.S. small businesses feel a heightened need to invest in areas for growth. The top two focus areas were prioritizing digital transformation (41%) and digital marketing, as 47% stated they had increased digital marketing spending already this year.

When asked to define this digital transformation better, 29% of all small businesses stated they aim to strengthen their data analytics capabilities, while nearly one-third (31%) of respondents want tools to reexamine their cash flow to help predict future financial gaps. Further, 29% of small businesses are prioritizing mobile and are investing in building a mobile app for their small business. 

Small businesses are capitalizing on social media advertising, as 47% expect it to have the greatest impact on customer acquisition. Facebook is reportedly the top platform of choice, nearly double that of the second choice, Instagram. YouTube, LinkedIn, and Twitter follow these; then followed by TikTok, Pinterest, and Snap.

By Brett Sussman is Vice President Head of Sales & Marketing, Kabbage from American Express. 

Tags: Small Businesses
Share4Tweet2Share1
Previous Post

Celebrating Hispanic Heritage Month with the Authentic Flavors of IZO Spirits

Next Post

Artistscent: Light Up Your Home This Holiday Season

USA Wire Staff<span class="bp-verified-badge"></span>

USA Wire Staff

USA Wire is a millennial-focused news publication that provides content in a way that relates to the modern world. USA Wire strives to provide unbiased and accurate coverage of current events, highlighting both the good and bad.

Related Posts

edit post
How hiring a realtor can save you more than money
Business

How hiring a realtor can save you more than money

January 26, 2023
edit post
NR Marketing NYC: A Premier Marketing Agency for Modeling Agencies and Influencers
Marketing

NR Marketing NYC: A Premier Marketing Agency for Modeling Agencies and Influencers

January 24, 2023
edit post
Business

Declaring And Paying Tax On Cryptocurrency In India

January 22, 2023
Next Post
edit post
Artistscent

Artistscent: Light Up Your Home This Holiday Season

edit post
AI

Artificial intelligence(AI) 101 for Entrepreneurs

edit post
Biohacking

Biohacking Hits the Boardroom

Discussion about this post

Follow us

Recommended

edit post
Art of Living Foundation Co-Hosts Panel on Mental Health

Art of Living Foundation Co-Hosts Panel on Mental Health

9 months ago
edit post
red and black heart illustration

Monkeypox—What the Future Holds, How to Prevent It and What Causes It

7 months ago
edit post
Self-Care

Self-Care Tips to Help You Relax this September

5 months ago
edit post
Ways to Get Discount Tickets for WonderWorks Panama City Beach

Ways to Get Discount Tickets for WonderWorks Panama City Beach

12 months ago

Categories

  • Business
  • Celebrity
  • Construction
  • Crypto
  • Culture
  • Electrical
  • Entertainment
  • Entrepreneurship
  • Finance
  • Fitness
  • Food
  • Gaming
  • Health
  • Home Improvement
  • Lifestyle
  • Marketing
  • Medicine
  • Movies
  • Music
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Travel
  • Uncategorized
  • World

Topics

2018 FIFA World Cup (9) 2018 League (12) Alcatraz East (8) America (10) Asian Games 2018 (17) Balinese Culture (10) Bali United (9) book (8) Budget Travel (17) Business (17) celebrity (15) Chopper Bike (11) clothing (8) dadsrc (9) Digital (8) Entrepreneur (10) family (9) fitness (11) food (11) fun (11) future (10) Health (29) healthcare (8) home (16) Idenfy (9) impact (8) Istana Negara (17) life (9) Market Stories (22) museum (8) music (11) National Exam (13) New (9) nightclub (9) pandemic (11) partnership (10) Paws of War (13) performance (10) podcast (11) summer (14) technology (8) therapy (7) tips (16) Visit Bali (16) WonderWorks (19)
USA Wire

© 2021 USA Wire

Navigate Site

  • Write For Us
  • Contact
  • My Account

Follow Us

No Result
View All Result
  • Thought Leader Council
  • Politics
  • News
  • Business
  • Culture
  • Sports
  • Lifestyle
  • Travel

© 2021 USA Wire

Go to mobile version