Workforce shortages, inflation and supply chain disruptions remain the main obstacles Michigan’s small businesses are facing, according to a new survey released by the Small Business Association of Michigan.
“Though there is more optimism among small business owners, the struggles that are plaguing small businesses are still very prominent,” said SBAM President and CEO Brian Calley. “Every day, small business owners are working hard while having to deal with inflation, supply chain disruptions and workforce shortages at the same time.”
Survey respondents overwhelmingly identified workforce shortages (52 percent), inflation (61 percent) and supply chain disruptions (55 percent) as the biggest problems facing their businesses. The survey, conducted April 19-27, of 500 Michigan small businesses, also revealed that:
• 68 percent of small businesses reported having a hard time finding and keeping their businesses staffed, indicating no improvement since SBAM’s January 2022 survey.
• 70 percent increased wages to attract and maintain employees this year.
• 57 percent of small businesses said supply chain shortages have had a significant impact on their businesses, a slight improvement from January’s 61 percent.
• 60 percent of small businesses said the rising cost of energy is impacting their business.
• 87 percent of small businesses reported that costs are increasing more than in usual times.
• 60 percent of respondents are optimistic about their business in the next six months.
• 73 percent of small business owners are optimistic about the long-term survival of their businesses, a slight increase from January.
• 75 percent of small businesses said compensation costs have increased by more than five percent.
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