A remarkable amount of business owners report feeling financially confident and secure despite the difficult environment in which they have been operating over the past year.
According to the Capital One Business Survey released June 27, 72 per cent of respondents reported that their business’s financial position is better or the same as before the pandemic. According to the press release this number was 53% six months prior.
The optimism is up too: 94% of the respondents were more confident that their business will be operational in 6 months than they were in December 2020, when it was only 85%. Two-thirds of respondents said that they intend to expand their business in the coming six months.
The only problem with the optimistic statistics is the fact that it was conducted in June before much of the alarm about Covid-19’s Delta variant emerged. Apple has delayed returning to work due to this variant, which led to stronger calls for employers to mandate employee vaccinations. This could slow down global recovery.
Many business owners said they are still struggling with the familiar pandemic-related problems. 40% of respondents said that vendor and supply chain costs had increased over the past six month, while 30% said they were having difficulty hiring employees within the last three months.
The survey was conducted online by Morning Consult in Washington D.C., and included 1,150 business owners with annual revenues less than $20 Million.
Publiated at Wed 28 July 2021, 17:05:05 +0000