Small businesses say profits are not meeting expectations, according to a new Goldman Sachs 10,000 Small Businesses Voices poll.
Released Wednesday, the poll found that small business owners say they are “getting squeezed this holiday season, even as revenue and sales for larger businesses hit record highs,” according to 10,000 Small Businesses Voices.
“Small businesses are the backbone of America. Yet, as we enter this holiday season, we are finding it harder than ever to succeed,” Janice Jucker, a small business owner and member of Goldman Sachs 10,000 Small Businesses Voices National Leadership Council, said in a statement.
“As our economy teeters on the brink of a recession, it’s more important than ever that Washington provide small businesses with the resources we need not just to get by, but to get ahead,” Jucker added.
Conducted Dec. 1-7, the poll surveyed 331 small business owners in the consumer product retail/wholesale, food and beverage retail/wholesale, and hospitality/restaurant sectors to capture their holiday-season sentiments.
In the poll, 40% said that demand has decreased compared to last year, with 33% saying it has stayed the same. And 84% of those surveyed believe bigger retailers have a competitive advantage this holiday season due to their ability to better withstand inflationary pressures and offer lower prices. Meanwhile, inventory planning remains a challenge for small businesses with 27% reporting that they currently have excess inventory for current demand.
“Small business owners across America are doing more with less this holiday season,” Joe Wall, national director of Goldman Sachs 10,000 Small Businesses Voices, said in a statement.
“It’s critical that Washington meet their needs, and we are committed to ensuring that the voices of small business owners are heard at the highest levels of our government,” Wall added.
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