U.S. Bank Reports that 3 in 4 Small Businesses Grew in the Last Year

August 29, 2024

Delaney Sexton
Contributing Editor

U.S. Bank Reports that 3 in 4 Small Businesses Grew in the Last Year

“The fact that almost 9 in 10 small business owners and 3 in 4 employees share a positive outlook on the future of their business, underscores the resilience of small businesses and the value they bring to our communities,” says Shruti Patel, EVP and Chief Product Officer, Business Banking at U.S. Bank. Recently, U.S. Bank released the 2024 Small Business Perspective report which paints an encouraging picture of small business sentiment.

U.S. Bank reports that small business owners are feeling positive about their business condition. In addition to almost 90% of small business owners saying they are feeling optimistic about the future of their business, nearly three-quarters of owners say that their business has grown in the last year. Continuing with that confidence, 90% of owners also rated their business as successful, an improvement from 2023.

The top stressors ranked by small business owners are:

  1. 73% said competition
  2. 71% said economic environment
  3. 65% said inflation/increased costs
  4. 47% said supply chain disruptions
  5. 42% said obtaining enough funding to support their business

Small business owners from the younger generations are feeling certain stressors more than older generations. For example, Gen Z and Millennial small business owners are more concerned about competition from large businesses than small business owners from older generations (Gen X, Boomers, Silent). Younger owners more frequently reported that their top stressors are causing a need for access to capital than older owners. Older generations are more concerned than younger generations about other stressors such as inflation.

Source:
U.S. Bank 2024 Small Business Perspective Report