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Survey Reveals Continued Optimism Among Small Business Owners

Leading financial services provider for small businesses, Chase for Business conducted a recent survey that unveiled positive sentiments among small business owners and their growing interest in digital solutions. The findings suggest a promising outlook for small businesses.

The survey, which included a diverse sample of small business owners from various industries, aimed to gain insights into their challenges and expectations for growth in the upcoming months.

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Commenting on the survey findings, Ben Walter, CEO for Chase for Business, mentioned, “It’s reassuring to see the resilience and optimism displayed by small business owners despite the hurdles they have faced recently. I am delighted that Chase for Business clients are particularly positive about the future, with a strong willingness to invest in their enterprises.”

Chase frequently surveys small business owners and utilizes their feedback to develop business solutions that can address their major pain points. For instance, Chase for Business has introduced innovative solutions such as invoicing, flexible payment options, and data-driven insights to assist in making better business decisions.

Key Findings from the Survey

Optimism Continues to Grow: Small business owners are optimistic about expansion through product diversification, increased marketing efforts, and hiring additional staff. They attribute their positive outlook to improving economic conditions, rising consumer spending, and innovative business strategies.

• More than half (58%) of the surveyed small businesses are planning to expand in the next 12 months by introducing new products, enhancing marketing efforts, or increasing their workforce. Among Chase clients, this percentage is even higher at 69% compared to 47% for Chase prospects.

Investment Intentions: Despite ongoing challenges like supply chain disruptions and labor shortages, many small business owners intend to invest in their businesses in the near future. This includes investments in technology, data analytics, marketing, and employee training to boost productivity and competitiveness.

• The majority of small business owners expressed a willingness to rely more on data for decision-making, particularly for competitor analysis, understanding customer buying habits, and recruiting qualified candidates. A significant 89% of Chase clients are open to utilizing data, in contrast to 78% of Chase prospects.

Digital Transformation: The survey underscores the increasing importance of digital transformation for small businesses, with more respondents planning to leverage artificial intelligence (AI) to streamline decision-making, enhance their competitive edge, reach new customers, and elevate the overall customer experience.

• Chase for Business clients exhibit a stronger inclination towards AI, especially in customer support and operations. A majority (61%) of Chase clients intend to use AI for customer service and support, compared to 45% for Chase prospects.
• While many small business owners are in the exploration phase of AI implementation, nearly half (47%) are in the planning and execution stages. This figure is higher for Chase for Business clients at 56% compared to 40% for prospects.

Emphasis on Electronic/Digital Payments: Small business owners value digital platforms for both receiving and making payments, with many considering switching banks to access same-day ACH payments.

• The preferred method for payments is electronic or digital, although some still opt for paper checks. A notable 78% of small business owners prefer electronic payment for employee salaries, and 90% prefer receiving payments electronically from vendors.

Desire for Prompt Invoicing: Small business owners highlight the importance of timely invoicing, with 86% of clients emphasizing its significance. This percentage is higher among Chase for Business clients (92%) than prospects (82%).

• Businesses receiving paper checks usually experience a turnaround time of three or more days. However, 20% of Chase for Business clients receive immediate payment, compared to 40% of prospects.
• More than half (54%) of small business owners are willing to change banks to receive faster ACH payments, and 50% are open to switching banks for digital invoicing through an online platform or mobile app at no additional cost.

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