Small businesses’ views on the health of their own business remain positive. The Q1 MetLife and U.S. Chamber of Commerce Small Business Index, which measures small business owner confidence, ticked up one point to 62.3 as more small business owners see an improving economy.
“Small businesses’ perceptions of the economy are drifting upward, but they are still facing persistent headwinds,” said Tom Sullivan, Vice President of Small Business Policy at the U.S. Chamber of Commerce. “Many business owners have continued to struggle with high prices and rising wages despite indications that inflation is easing. And despite recent positive jobs reports, many small businesses have had unfilled job openings for several years.”
“It is encouraging to see the majority of small business owners are satisfied with their business’s health and their current cash flow, despite ongoing concerns around inflation,” says Cynthia Smith, SVP, Head of Regional Business at MetLife. “These trends convey a sense of optimism for the future and, once again, underscore the adaptability and determination shown by small business owners in challenging economic environments.”
For small businesses, cybersecurity and supply chains top the list of future threats and are a focus of crisis planning. Small businesses say they are most concerned about:
“Fortunately, we don’t worry too much about natural disasters in Chicago, but cybersecurity is another story. We have taken several steps to boost security,” says Philip Preston, President of PolyScience in Niles, Illinois. “This includes daily offsite backup, two-factor authentication for remote access, contracting an outside firm to test our cybersecurity monthly, and purchasing cyber insurance.”
The MetLife and U.S. Chamber of Commerce Small Business Index is part of a multiyear collaboration by MetLife and the U.S. Chamber of Commerce to elevate the voice of America’s small business owners and highlight the important role they play in the nation’s economy.