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With the right support, small businesses weather storms

Employers 09.30.2022 2 MIN

A June 2022 survey of participants in Goldman Sachs’ 10,000 Small Businesses program1 showed that 78% of owners believe the economy worsened in the preceding three months and 93% are worried about a U.S. recession. Despite this outlook, small business owners — who are known for being resourceful — feel optimistic about the future. With access to capital, business services, and educational programs Goldman Sachs provides through our 10,000 Small Businesses initiative, small businesses can weather economic dips and succeed over the long term.

Key takeaways on the current small business climate:

  • 89% of respondents say inflation, supply chain issues, and gas prices are having a negative business impact.
  • 40% report hiring had worsened and 87% report finding it difficult to recruit qualified candidates.
  • 63% cited higher labor costs as a challenge to the bottom line.
  • Exceeding benchmarks for both job growth and revenue growth can occur when small businesses have a support network. 65% of the enterprises Goldman Sachs works with through 10,000 Small Businesses are optimistic about the financial trajectory of their business this year.


What this means for employers

Despite the storm clouds, small business owners believe reauthorizing the Small Business Administration and policies that help them recruit and retain employees, like enhanced paid family and medical leave, are silver linings that will position them for long term growth. Along with the help of a crucial support network comprised of management education, capital funding, and business support services, many see clear skies ahead.

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1 The Goldman Sachs 10,000 Small Businesses community represents a network of more than 245,000 employees, more than 12,000 businesses served and more than $17bn in total annual revenues. Source: Survey of 1,533 Goldman Sachs 10,000 Small Businesses participants conducted by Babson College and David Binder Research from June 20-23,2022. The survey included small business owners from 48 U.S. states and two U.S. territories.


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