We’re releasing Alignable’s Q3 2022 Road To Recovery Report today. It’s based on a poll conducted among 3,564 small business (SMB) owners from 7/9/22 to 8/4/22, along with historical data from 675,000 small business owners surveyed since March 2020.
While some small businesses saw a modest improvement in their customer counts and revenues over the past quarter, unfortunately, most of those gains were wiped out by record-breaking inflation.
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SMBs Fear Shuttering By Year’s End
Here are report highlights:
- Overall, only 25% of all small businesses report being fully recovered, matching or exceeding monthly revenues they generated prior to COVID.
- That’s the lowest recovery rate we’ve tracked in over a year. It’s 1% less than June’s, 2% less than last quarter’s, and 18% less than December’s rate of 43%.
- Only 20% of restaurant owners have recovered, down 13% from 33% in April.
- It’s a similar situation for retailers. Only 25% are making what they did prior to COVID, down 9% from 36% in April.
- Given higher-than-usual gas prices, car services, truckers, and others in transportation have dropped 19% from 36% in April, landing at just 17% being fully recovered now.
- Due to higher interest rates, real estate firms are struggling more, too. Only 23% are fully recovered, down 11% from 34% in April.
- 47% of the U.S.-based SMBs expressed concern that if inflationary trends don’t improve, they could shutter by year’s end. One percent of those businesses have already closed.
- One of the biggest reasons for worry comes down to this statistic: 91% reported higher costs for gas, labor, supplies, or more, but only 61% have been able to charge customers more to cover those expenses.
- 54% of SMBs in Illinois & Colorado say they could shut down by year’s end. In Colorado, 3% have already closed for good.
- 53% of New York’s small businesses have similar concerns, as do 50% in New Jersey, and 47% in California & Massachusetts.
- In Canada, the national figure is 56%, and 2% of that group already shuttered.
- Looking at the provinces, 59% in Alberta, 54% in Ontario, and 50% in British Columbia are worried about potentially closing by the end of 2022, as well, given the financial stress they’re under.
Image and article originally from www.valuewalk.com. Read the original article here.