Small and medium-sized businesses are the backbone of the U.S. economy, driving innovation, employing nearly half the workforce, and fueling significant GDP growth. Yet, economic, technological, and societal shifts create challenges that can impede their success. We're here to help SMBs overcome obstacles, seize opportunities, and achieve sustainable growth.
Rising Operational Costs and Inflation
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According to the U.S. Chamber of Commerce's Q1 2025 Small Business Index, 58% of small businesses identify inflation as their top concern, marking the highest level since tracking began. This figure reflects a 6% increase from Q1 2024.
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In 2021, 81% of small businesses reported difficulties related to rising costs of goods, services, and wages, as noted in the Federal Reserve Small Business Credit Survey.
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According to the Bank of America 2023 Small Business Owner Report, inflation continues to be a significant issue, with 79% of small business owners expressing concern about its potential impact over the next 12 months.
Talent Acquisition and Retention
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In 2023, 22% of small business owners identified recruiting and retention as one of their top three challenges (Guidant).
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Additionally, 67% of small and medium-sized business (SMB) executives reported that talent acquisition and retention are significant challenges, ranked just below survival and expansion (World Economic Forum, 2022).
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Furthermore, 75% of small business owners who introduced additional perks and benefits, such as remote/hybrid work options and cost-of-living bonuses, noticed improved employee morale and retention (Bank of America, 2023).
Regulatory and Policy Uncertainty
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59% of small businesses identify economic uncertainty, often linked to changes in regulations and policies, as their foremost growth challenge (U.S. Chamber of Commerce, 2024).
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Additionally, 25% of small and medium-sized businesses (SMBs) consider the policy environment a significant obstacle (World Economic Forum, 2022).
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On average, U.S. small businesses spend approximately $83,000 yearly to comply with regulations (Tyms.io, 2024).
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