National Write Your Congressman (NWYC), an organization that gives small businesses a voice in government, released its Q1 2023 Index which found an overall increase from last quarter in small business owners’ hope, satisfaction with government action, and trust with of Members of Congress.
Small business owners shared small signs of hope in the economy, with 66 percent of small business owners believing the U.S. is currently in a recession, a 15 percent decrease from Q4 2022, when it was at its highest at 78 percent.
Small business owners also shared concerns about the United States’ current inflation problems, with 83 percent saying they believe the problems will not ease for another two to five years. Last quarter only 33 percent of business owners saw inflation easing in two to three years, the majority saw inflation as easing in six months to a year.
“While business owners are more hopeful following the mid-term elections and entering into 2023, there are still more than half who believe we are in a recession and believe inflation is a problem, and likely not to be resolved soon,” said Randy Ford, President and COO of National Write Your Congressman. “With interest rates rising, bank failures, and uncertain economic times, our members have never been more motivated to take action and reach out to their Member of Congress to voice their opinions.”
More than a quarter of small businesses are growing, and out of the businesses growing, owners attribute their success to the renewed interest and demand in their industry, and to changes implemented in their business to better restructure and focus following the pandemic.
Business owners’ top concern in the first quarter of 2023 is hiring qualified workers, followed by keeping up with rising costs of employees’ pay/salary, inflation, ensuring Congress is implementing policies that positively impact their business, and regulations.
The Index also found small business owners taking action amid rising…
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