By Rick McCartney | InBusiness Phoenix
Almost three quarters (73%) of American small business owners say their business has grown in the last year, with even higher percentages for Black (84%) and Hispanic (80%) owners, according to the U.S. Bank 2024 Small Business Perspective that was released today. The report, which is based on a survey of more than 1,000 small business owners, explores the complex challenges and stressors owners are facing in the 2024 macroeconomic environment, including efforts to retain and engage employees and the impact of artificial intelligence (AI) on operations and job security. The report also includes insights from small business employees to offer a holistic view of the small business landscape.
According to the 2024 survey findings, many U.S. small business owners have been growing while also facing labor challenges, which include being understaffed (52%), navigating a more competitive labor market (77%), and struggling to increase their employees’ salaries to keep pace with inflation (65%). Survey data shows owners are taking several proactive steps to help their company attract and retain employees – such as the 83% who say they plan to offer flexible hours to support a healthier work/life balance.
