Small Business Owners Feeling Positive Despite Challenges
“At the mid-point of 2024, we asked small businesses to look back on the goals they set for the year, and we found that they’re satisfied with their progress and successes over the first half,” said Gina Taylor Cotter. According to surveys by American Express and the National Federation of Independent Business (NFIB), a significant majority of small business owners feel optimistic about their achievements despite facing inflation and high labor costs. The NFIB’s Small Business Optimism Index rose 2.2 points in July, reaching its highest reading since February 2022, yet it remains below the long-term average.
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83% of owners report increased creativity over recent years.
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87% feel more confident as business owners each year.
Despite increasing optimism among small business owners:
“Despite this increase in optimism, the road ahead remains tough for the nation’s small business owners,” NFIB Chief Economist Bill Dunkelberg remarked. He emphasized that cost pressures continue to affect their operations and bottom line.