MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Inflation is now the biggest threat facing U.S. small businesses, creating widespread cash flow problems, according to the QuickBooks Small Business Insights Report released by Intuit today (NASDAQ: INTU), the global technology platform that makes QuickBooks, TurboTax, Mint, Credit Karma, and Mailchimp. Still, despite challenges, small businesses continue to be optimistic about opportunities on the horizon.
Almost all small businesses (99%) are now concerned about inflation, with one in two saying inflation is a threat to their business today. As a result, 68% of small businesses indicate they have experienced a cash flow problem. Of those, two in five have already dipped into their cash reserves, 39% have been forced to use personal funds, and 38% have used a credit card to plug the gap.
The Intuit QuickBooks Small Business Insights Report also found other mounting challenges for small businesses:
Positive Outlook and Opportunities Despite Challenges
Despite looming challenges, small businesses remain hopeful with 58% currently optimistic about the economy, and if the pandemic shows continued signs of improvement and life returns to “normal” this summer, 79% expect that would have a positive impact on their business. In fact, many business owners are anticipating a big bounce this summer, with almost two-thirds (65%) predicting that their businesses will grow over the next three months. Other findings that point to a brighter horizon for small businesses include:
“Small business owners are always known to be resilient, and despite the challenges facing so many of us today, it’s encouraging to see optimism is high as we approach summer,” said Alex Chriss, executive vice president and general manager of Intuit’s Small Business and Self-Employed Group. “It’s particularly notable that small businesses that have invested in digital technology feel the most optimistic, and that we’re continuing to see high levels of entrepreneurial aspiration.”
This report and more research and insights from Intuit QuickBooks are available here.
About Intuit
Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
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Intuit QuickBooks:
Dan Mahoney
Dan_Mahoney@intuit.com
Jen Garcia
Jeng@accesstheagency.com
Source: Intuit Inc.