Positive outlook for 2022
Despite the challenges, the majority of small businesses (53%) remain optimistic about the economy. Roughly half as many (28%) are pessimistic. Confidence has dipped slightly since our last Small Business Insights report in September, when three out of five (60%) said they were optimistic.
Small businesses with fully integrated online and offline sales (known as “omni-channel” businesses) are the most upbeat. More than two-thirds (68%) are optimistic about the economy.
Many predict growth over the next three months
Seven out of ten small businesses (70%) predict their business will grow in the first months of 2022. Similarly, more than two-thirds (69%) predict higher revenues. More than a third (36%) plan to increase capital investment.
Small businesses need their accountants
Accountants will continue to play an important role in small business success in 2022. Almost three-quarters of small businesses (73%) have internal or outsourced accounting support. According to them, the top three benefits of having an accountant are:
- Helping them to make better decisions
- Saving them money
- Improving their long-term survival
Small businesses with accountants are also more likely to feel “very confident” they are paying their taxes correctly.
Want more insights?
Find out what 8,000 American workers said about their spending plans for 2022, and how many of them want to start a small business of their own in our New Business Insights report.
Methodology
QuickBooks commissioned Qualtrics to survey 2,000 small business owners and decision makers throughout the U.S. in November 2021. Respondents’ businesses have up to 100 employees and more than $5,000 in annual revenue. Roughly a third (35%) are brick-and-mortar businesses. The remainder are omni-channel, multi-channel or primarily online. A quarter (26%) are product-based businesses, one in two (50%) are service-based and the remainder sell both products and services. Around one in six (17%) are located in rural areas while the remainder are in urban or suburban locations. Percentages have been rounded to the nearest decimal place. Respondents received remuneration.
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