Highlights from the latest Beyond the Trends report
Are you curious about the trends affecting the small business economy? The just released Summer 2023 Beyond the Trends report is packed with valuable insights based on data from over 25 million active businesses, and the expert opinions from Experian’s V.P. of Commercial Data Science. This post covers some of the report’s highlights, download your copy for the full scoop.
A word from the report’s author:
Energy Prices and Consumer Relief
One of the most crucial takeaways from the report is that consumers and small businesses can expect continued relief in fuel prices in the coming months. This relief is due to the increased production of fuel in the United States and other countries. This production, coupled with other global and domestic factors, will provide more affordability in fuel costs for consumers and small businesses. This will help them manage their expenses better and, in turn, help producer costs decline, leading to more positive economic developments.
Small Business Delinquency
Small businesses, especially those that were propped up by stimulus money, are beginning to feel the pinch of inflation that is eating into their margins. Due to this, their savings are running lean, and many businesses are experiencing a rise in delinquencies. Delinquency rates have now exceeded pre-pandemic levels. Still, the report suggests that this is where they would expect delinquencies to be as the economy begins to grow gradually.
Optimism Amidst Challenges
Despite the lingering challenges and uncertainties brought about by the pandemic, small business owners remain optimistic. The report shows that the overall sentiment among small business owners is still positive, and they continue to seek out opportunities and innovations that could lead to growth and success. This is a positive development, and it’s critical for businesses to continue to be agile and open to new opportunities and ideas.
Small businesses are facing challenges such as filling job openings, higher costs, delinquencies and rising debt, but they remain optimistic and focused on opportunities for growth. By staying true to their values and fundamentals, businesses can thrive even in uncertain times. Grab your copy of the Summer 2023 Beyond the Trends report for more interesting insights on small businesses and their challenges.