Small business survey: Attracting new customers still a key challenge

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Small business owner optimism softened a bit for their businesses and future expectations in the latest Wells Fargo/Gallup Small Business Index. Respondents also indicated attracting new customers continues to be a key challenge, as many owners share plans of how they will garner more business this year. Conducted Jan. 3-10, the first-quarter survey of 600 small business owners showed a 10-point decrease in overall optimism compared to the fourth quarter. One indicator underscoring this dip in optimism is the finding that fewer small business owners (24%) are planning on adding jobs or positions at their companies this year – lower than last quarter. However, more than 80% of owners said their current financial situation is somewhat good or very good, and 84% said the same would be the case 12 months from now. Asked about the growing importance of online user reviews of their business, more than half of business owners (53%) said they have access to online user reviews and 69% of those business owners say these user reviews are extremely or very important to their business.