The NFIB Research Center released a new survey assessing the impact inflation is having on small businesses. Small business owners first signaled inflation issues in the summer of 2021 when NFIB’s Small Business Economic Trends survey found increasing numbers of small business owners reporting “inflation” as their single most important problem. In March 2022, “inflation” overtook “labor quality” as the top business problem for small businesses.
“Indiana made some progress this legislative session by passing a $1.1 billion tax cut package, however, small business owners are still struggling,” said Natalie Robinson, NFIB State Director in Indiana. “According to our latest NFIB survey, on top of problems hiring workers and government mandated COVID restrictions, there are new problems for our small business owners: inflation and supply chain issues.”
Overall, all small employers reported inflation was impacting their business to varying degrees. Over half (62%) reported that inflation is having a substantial impact on their business, while about a third (31%) reported it had a moderate impact. Only 6% of owners report it having a mild impact. This survey was conducted from April 14-17, 2022, with 540 responses collected.
You can hear Robinson in the Leon-Tailored Audio above. It runs for about 11 minutes.