JP Morgan Chase released its 2023 Business Leaders Outlook survey, which details insights from business leaders about their recession expectations, the impacts inflation has had on their approaches to pricing, sourcing and running operations and their outlook for the year ahead –linked here.
The survey revealed that minority small businesses are poised for growth this year, with half of Black, Latino and Hispanic business leaders planning to grow, hire and expand their business. Compared to the overall population, these minority small business leaders are using a far greater variety of measures to find and hire the right talent. These include wage increases, upskilling, training opportunities and flexible hours.
For Black business owners, respondents shared:
- 55% expect a recession in the year ahead, compared to 61% nationally
- 79% are optimistic about their own performance in the year ahead, compared to 72% nationally.
- 72% anticipate revenue and sales growth in the year ahead, and 69% expect their profits to increase in 2023.
- The top business challenges for Black business owners include inflation, supply chain disruptions and economic uncertainty
- 55% anticipate hiring full-time employees over the next 12 months, compared to 51% nationally.
- To hire and retain employees, half (50%) of Black owners surveyed plan to increase wages and 38% plan to offer upskilling and training opportunities, compared to 42% and 29% nationally.