2022 Small Business Brave Report

Despite inflationary concerns, the majority of small businesses remain optimistic about their growth year-over-year.

2022 Small Business Brave Report

Despite inflationary concerns, the majority of small businesses remain optimistic about their growth year-over-year.

Sentiment About Inflation

Inflation is a top concern for small business owners

When asked to list their top three concerns, more than two in three respondents cited inflation.

A lack of new customers and competition from larger companies were the next two most common concerns.

Sentiment About the Recession

The U.S. is already in a recession

When asked if they think the US is already in a recession, 72% of respondents answered "Yes."

Of the respondents who do not believe the U.S. is currently in a recession, only 27% think that the U.S. can avoid a recession in 2022.

Growth Forecasting

Small businesses still have a positive outlook for the remainder of 2022

When asked if the recession would harm their business, only 21% of respondents indicated they anticipate it would.

This optimism persists despite the majority of respondents believing the U.S. is already in a recession.

How concerned are you that a recession will harm your business?

Revenue projections are also largely positive for the remainder of 2022:

When asked about projected year-over-year revenue growth from 2021 to 2022, 66% of businesses indicated that they would see positive revenue growth. 46% projected that their revenue would grow by more than 10%, and 11% reported that they'd see more than 50% growth over the course of 2022.

Do you anticipate your revenue will grow between 2021 and 2022?

Methodology

The data for Novo’s 2022 Small Business Brave Report derives from 248 anonymous responses by Novo customers. Responses were collected between June and August 2022. Respondents were selected randomly for demographics, industry, business size, and business age. All respondents live in and operate their business in the United States.

Based on sample size, survey results are generalizable to the population of 31.7 million United States small business owners at a 95% confidence interval and a 6% margin of error.

Data Attribution: Any charts, statistics, and findings on this page are free to use. We just ask that you attribute any full or partial use to Novo with a link to this page.

Thank you!

Novo is a financial technology company, not a bank. Banking services are provided by Middlesex Federal Savings, F.A.; Member FDIC.
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