Prices for small business owners are rising amid supply chain disruptions, according to a survey released by CNBC and Momentive.
Indeed, 75% of small business owners say they’re experiencing higher supply costs – up from 70% in the third quarter of 2021, according to the survey. Meanwhile, more than half of owners are experiencing supply chain disruptions.
The survey -- conducted from November 10-16, 2021 -- also revealed small business owners are increasingly concerned about government intervention, with more than half (63%) of small business owners expect changes in tax policy to have a negative impact on their business over the next 12 months.
Additionally, 62% of small business owners say the Biden Administration has been “bad” for small businesses and 64% say it’s been “bad” for the economy.
Small Business Labor Shortage: The Staffing Challenges
Meanwhile, labor shortages continue to be a problem with more than a quarter of small business owners saying they have open roles that they have been unable to fill for at least three months, though that number is down slightly from 31% in Q3 2021.
Half (50%) of small business owners say it has gotten harder to find qualified workers in the past year.
Other key findings include:
- 33% of Independent small business owners approve of President Biden’s job performance, down from 51% in Q3 2021.
- 52% of Small Business owners say none of the proposals included in the Build Back Better bill would help their businesses.
- 21% say construction of more affordable housing would help their businesses (including 30% of those in Real Estate and 30% of mining and construction small businesses).
- 20% (and 40% in the healthcare industry) say Medicare and Medicaid expansion would help their businesses.
Jon Cohen, chief research officer, Momentive, commented on the findings:
“Rattled by supply-chain disruptions and an ever-tightening labor market, confidence is slipping across the board among the country’s small businesses. There’s also widespread and growing concern about federal policy, views that are deepened by a hyper-charged political landscape."
