Study Shows Small Business Owners Are Optimistic About Future

• Small business owners demonstrate rising optimism about future, despite concerns over goods and energy hikes
• Some 70% feel good about the current state of their business – a significant increase from 52% six months ago, according to new research from American Express and Small Business Saturday
• The number of small business owners who say their business is thriving has risen from 41% to 57% since May 2021
• The cost of goods, rising energy costs and product shortages are cited as the three biggest challenges facing small business owners in the next six months
• Research comes ahead of Small Business Saturday (4 December), when the nation is encouraged to shop small, and support their local independent retailers

Owners of the UK’s small businesses have revealed that they are feeling significantly more confident about their future prospects than they did six months ago according to new research¹ from American Express and Small Business Saturday. 

However, the cost of goods (51%), rising energy costs (50%) and product shortages (36%) are identified to be their greatest challenges as they head into the crucial festive shopping period.  

The research shows that seven in ten (70%) small business owners now feel good about the current state of their business, compared to just over half (52%) six months ago (May 2021), when businesses were still recovering in the aftermath of prolonged lockdowns. This significant increase is matched by a rise in small business owners reporting increased support from customers in their local community (78%)², as well as from other local businesses (67%)³. 

Moreover, many small business owners are feeling hopeful (52%), excited (35%), and confident (40%) about their fortunes in the coming months. 

Michelle Ovens, Founder of Small Business Britain, and Director of Small Business Saturday, commented: "With the arrival of the festive season, I am hugely encouraged to see small businesses feeling more optimistic and confident about the future. This research shows that businesses are getting back on their feet, despite some lasting challenges and a complex landscape. As we head towards Small Business Saturday, we need to accelerate this trend as a nation by coming together to support those small local businesses that have done so much for us throughout the pandemic and who are working so hard to build businesses and communities that continue to make our lives better." 

Dan Edelman, General Manager, UK Merchant Services at American Express, added: “It’s inspiring to witness the resilience of small business owners emerging from an incredibly challenging period with such a sense of optimism. Over the past two years small businesses have faced new and persistent obstacles, and while supply chain issues and product shortages are still to be fully overcome, our research shows there is significant positivity about the future. At the same time, it remains vital that people continue to show their support for the nation’s small businesses, particularly as the busy festive period approaches.” 

American Express is founder and principal supporter of Small Business Saturday, which takes place on 4 December this year. Last year, shoppers spent an estimated £1.1 billion in small businesses across the UK on Small Business Saturday, exceeding the billion-pound mark for the first time ever as shoppers showed support for their local high streets.⁴

Source : American Express and Small Business Saturday

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