Small Businesses Continue to be Hit Hard

Small business, including those in northeast Ohio, continue to be hit hard by the pandemic. According to the United States Census Bureau and its Small Business Pulse Survey, small businesses continue to be hit by supply chain problems, increases costs and a dearth of job applicants.

As of the end of 2021, 66% of small businesses reporting said they were still being negatively impacted by COVID. While sales are down 24% (an improvement from being down 42% the year before), the bigger problem is the supply chain. 71% reported they were dealing with delays, both in getting supplies/materials as well as getting product out the door and distributed. Bigger than that? Increased costs. Almost 82% report paying more for the goods and services they need to run their businesses. And, not surprisingly, the Great Resignation has affected small businesses as well. 32% of the small businesses responding said they were having a hard time find employees.

When will this change? Unfortunately, your guess is as good as mine. Stay safe, get boosted and wear your mask.

For more, click here.

To read more about the Small Business Pulse Survey, click here.