2022 Small Business Survey Results

The Year Ahead

The pulse of the small business market

First Citizens strives to be a trusted partner to businesses throughout our communities. We recently conducted our eighth annual Small Business Forecast to better understand the opportunities and challenges the current climate presents to business owners and managers. We hope you find the learnings as interesting and valuable as we do.

How are small business owners feeling about their business?

Successful

67%

Over half of all respondents considered their business successful or very successful in the previous year, up 8 points from 2021's survey.

Optimistic

49%

Nearly half of small businesses are optimistic about long-term economic conditions over the next 2 to 3 years, down 14 points from 2021's survey.

Confident

80%

Nearly 8 out of 10 businesses are confident they'll grow in the next year, a result on par with 2021.

Concerned

53%

Uncertainty around macroeconomic conditions is cited as the biggest challenge to small businesses last year.

Are small businesses looking for funding?

  • 35% of business owners plan to seek funding in the next 6 to 12 months, which is a slight decrease from our last survey.
  • 55% consider bank loans to be the most anticipated source of funding, up 9 points from last year.

Are you planning for growth in 2022?

35% plan to add new products and services—a 6-point increase from 2021's survey

40% plan to increase their advertising and marketing budget, on par with last year

42% plan to hire more employees

43% plan to continue to prioritize current customer loyalty and satisfaction

23% cite employee retention as a core growth strategy, up 5 points from last year

28% plan to upgrade current facilities and equipment—a 2-point increase from 2021 that continues a steady year-over-year trend

Insights

Insights for your small business

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