Verizon released its “State of Small Business” report last week, which provides some helpful insight into what most concerns small businesses across the country. Key findings from the 600 small and midsize business respondents include inflation, supply chain, and cybersecurity continuing as top concerns. Specifically, more than half point to spam, viruses, and password theft as the most significant cybersecurity threats.
Sixty-one percent of small businesses have adopted new tools and technologies over the past two years intended to improve customer experiences, and 68% of those surveyed expect their business to improve in 2022.
“While there has been a tightening of the belt by businesses of all sizes, they have also seen the benefit of continued innovation and technology investment to drive sales, employee engagement, and improved customer experience,” said Aparna Khurjekar, Chief Revenue Officer, Business Markets and SaaS, at Verizon Business.
Inflation and supply chain issues remain top concerns. Nearly half (44%) of small and midsize business decision makers are concerned about supply chain issues affecting holiday season sales. Approximately one in three (35%) worries about economic hardships and inflation impacting their sales.