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VERIZON BUSINESS’ 4TH
ANNUAL STATE OF SMALL BUSINESS SURVEY
Year Four Results
A U G U S T 2 0 2 3
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METHODOLOGY
This survey was conducted by Morning Consult on behalf of Verizon Business between August 10 – August 23, 2023 among a national sample of 681 small to midsize business owners and decision makers. The interviews were conducted online. Results from the full survey have a margin of error of +/- 4 percentage points.
TARGET AUDIENCE
. Works at a business with 1 (sole proprietor) to 500 employees
. Has decision-making power
. Works in one of the following industries (~100N per industry): Construction Contracting, Entertainment Recreation, Food Beverage, Hospitality Accommodation, Retail, Restaurant Bar
TRENDING
Data has been trended against previous years where applicable.
. Year 3 field dates: August 12 – August 19, 2022
. Year 2 field dates: August 5 – August 16, 2021
. Year 1* field dates: August 26 – September 4, 2020
*The year 1 survey targeted a broader set of eight industries; year one data throughout the report has been filtered to exclude the industries that were not included in years 2, 3, and 4.
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VERIZON BUSINESS ’ 4 TH ANNUAL STATE OF SMALL BUSINESS SURVEY
Background
2
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VERIZON BUSINESS ’ 4 TH ANNUAL STATE OF SMALL BUSINESS SURVEY
Key Points
1. Business owners and decision makers remain concerned about the US economy overall but have grown less concerned about conditions for businesses of all sizes compared to early-pandemic years. About 4 in 5 decision makers say they are very or somewhat concerned about
the US economy generally, consistent with 2022. Concern about businesses of all sizes continues trending down compared to prior years, though concern for small businesses (81%) continues to outpace concern for mid-size (60%) and large (39%) businesses. Fewer express concern about their personal job security (41%).
2. Inflation and a potential rec
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