Published: May 21, 2024
by Michael Guta
In Small Business News
Chase for Business has released its latest survey findings, showing that small business owners remain optimistic about future growth and are increasingly willing to invest in digital solutions.
Positive Outlook Despite Challenges
The survey, conducted among small business owners small business owners from different industries, looked to understand their challenges and expectations for growth in the coming months. Ben Walter, CEO of Chase for Business, highlighted the resilience of these business owners:
“It’s encouraging to see the resilience and optimism displayed by small business owners despite the challenges they’ve faced in recent times. I’m pleased that Chase for Business clients are particularly upbeat about the future, with a strong willingness to invest in their businesses.”
Small business owners are optimistic about growth through product diversification, increased marketing efforts, and additional hiring. Improving economic conditions, increased consumer spending and innovative business strategies drive their positive outlook.
- 58% of small businesses plan to expand in the next 12 months, introducing new products, increasing marketing, or hiring more staff.
- 69% of Chase clients plan to expand, compared to 47% of Chase prospects.
Despite challenges like supply chain disruptions and labor shortages, many small business owners plan to invest in technology, data analytics, marketing, and employee training to enhance productivity and competitiveness.
- 89% of Chase clients are willing to use data for decision-making, compared to 78% of Chase prospects.
The survey highlights the importance of digital transformation, with many business owners planning to leverage artificial intelligence (AI) for decision-making, competitive positioning, customer reach, and enhancing customer experience.
- 61% of Chase clients plan to use AI for customer service and support, compared to 45% of Chase prospects.
- 56% of Chase clients are in the planning and implementation stages of AI adoption, compared to 40% of prospects.
Small business owners prefer digital platforms for payments and are willing to switch banks for same-day ACH payments.
- 78% prefer to pay employees electronically.
- 90% prefer to receive payments from vendors electronically.
- 92% of Chase clients value timely invoicing, compared to 82% of prospects.
- 54% would switch banks for faster ACH payments.
- 50% would switch banks for digital invoicing at no additional cost.
JPMorgan Chase conducted the online survey from April 5-10, 2024, among 500 small business owners with 1-499 employees. Respondents included 169 Chase for Business Banking clients and 199 Business Banking prospects.
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