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New survey sheds light on how small business owners are staying resilient amid uncertainty

new research on small business owner A study conducted by Capital One examined how small businesses are coping with adversity and remaining resilient amid an uncertain economic outlook.

capital one The survey of more than 1,000 small business owners with less than $20 million in annual gross revenue and at least one employee found that small businesses are keeping pace with the competition and lagging behind in the use of new technology. I realized that I needed to be agile and respond quickly to avoid taking risks. This puts a burden on the owners who run them.

“Stress, anxiety and burnout are very serious issues for small businesses,” David Rabkin, executive vice president and head of business cards and payments at Capital One, told FOX Business. “Owning a business can place significant strain on small business owners, their employees, and the business itself, with financial hardship and uncertainty being the most commonly cited stressors.”

“Many respondents said they needed to meaningfully pivot their business practices in order to keep their businesses afloat. Examples include changing the products and services offered, adapting business models, and changing technology platforms. (or add), redefining the target market, etc.,” he explained. “At the heart of why 52% of small business owners say they have felt stressed in the past year and 35% report feeling mentally exhausted is the frequent changes caused by the broader economic environment. be.”

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More than half of small business owners surveyed said they had felt stressed over the past year, and more than one-third said they felt mentally fatigued. (license/image)

The survey found that when small businesses face the possibility of pivoting their business to stay ahead or keep up, asking customers for feedback is a common course of action, with 49% We also found that most respondents said they had discussed with their customers whether and how to pivot. .

“We are seeing small and medium-sized businesses listen to customer feedback and use it as a key driver to make meaningful changes.Challenges Business Owners Face in the Industry When we need to pivot to respond to a change in direction, we often start with the customer,” Rabkin said. He explained. “In our research, more than half (53%) of small business owners say that listening to their customers has helped them make effective changes.”

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capital one bank branch

Capital One Business’ hub provides educational resources for small business owners. (Photographer: Yuki Iwamura/Bloomberg via Getty Images/Getty Images)

These interactions also provide insights that small business owners can leverage to better meet customer needs and grow their customer base. product provision.

“Small business owners recognize that in situations like those of the past few years, they may need to branch out from their core product or service areas to attract and retain customers.” Rabkin said. “55% of businesses surveyed reported making changes to better meet customer needs and attract new customers, including remaining resilient to current and anticipated challenges. This often involved expanding beyond the original business focus.”

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small business shopper

A Capital One survey found that 90% of U.S. small business owner respondents are optimistic about solving the problems facing their businesses and their futures. (Photographer: Daniel Acker/Bloomberg via Getty Images/Getty Images)

Even in the middle of it economic uncertainty Against a backdrop of an ever-evolving competitive landscape, more than 90% of America’s small business owners say they are optimistic about solving the problems facing their businesses and the broader future of their businesses.

“Our respondents truly exemplified the spirit of never giving up and demonstrating resilience to succeed in their respective businesses,” Rabkin said.

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he added: capital one business provides a hub for small business owners to access educational resources, receive advice on access to capital and more, and learn from the successes of other small business owners.