Survey by Chase Shows Small Business Owners are Confident in Future Growth

Small Business Owners Optimistic About Growth and Digital Solutions, Survey Finds

In a recent survey conducted by Chase for Business, small business owners have shown a positive outlook for future growth despite facing challenges. The survey, which included small business owners from various industries, revealed that these entrepreneurs are optimistic about expanding their businesses through product diversification, increased marketing efforts, and additional hiring.

Ben Walter, CEO of Chase for Business, expressed his satisfaction with the resilience and optimism displayed by small business owners. He noted that Chase for Business clients are particularly upbeat about the future, with a strong willingness to invest in their businesses.

The survey findings indicate that 58% of small businesses plan to expand in the next 12 months, with a focus on introducing new products, increasing marketing efforts, or hiring more staff. Additionally, 69% of Chase clients plan to expand, compared to 47% of Chase prospects.

Despite challenges such as supply chain disruptions and labor shortages, many small business owners are planning to invest in digital solutions like technology, data analytics, marketing, and employee training to enhance productivity and competitiveness. The survey also highlighted the importance of digital transformation, with a significant number of business owners planning to leverage artificial intelligence (AI) for decision-making, competitive positioning, customer reach, and enhancing customer experience.

Small business owners are also showing a preference for digital platforms for payments, with a willingness to switch banks for same-day ACH payments. The survey, conducted among 500 small business owners with 1-499 employees, underscores the importance of embracing digital solutions for future growth and success in the ever-evolving business landscape.