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How And Why Surveyed Small Business Owners Are Preparing For A Recession

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Small business owners continue to worry about the onset of a recession and are taking steps to protect themselves from such a severe economic downturn.

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The survey was conducted by payment platform Veem May 31 through June 8, 2022 via Survey Monkey. The margin of error was +4/-4%.... [+]When asked how they would prepare for a recession, about 50% of small business owners said they would either pay down credit cards and other variable-rate debt or increase their savings .

“Small businesses are definitely concerned about how these conditions will continue to impact their operations. Despite these issues, we can see business owners wearing their David vs. Goliath hats, knowing that they will come out on top in the end,” he observed. “Small companies are unquestionably worried about how these macroeconomic events will impact their bottom line, as an economic downturn could disrupt their day-to-day business, and lead to layoffs. Small business sentiment can be summarized under a heading that most believe winter is coming,” Forzley concluded.

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