Attracting new business is one of the biggest challenges for SMBs – Attracting New Business Is a Top Challenge for SMBs

Published on: April 15, 2019 / Update from: April 15, 2019 - Author: Konrad Wolfenstein

The biggest challenge facing small business owners in the U.S. is hiring and retaining qualified staff, according to a new quarterly report from Wells Fargo and Gallup. This concern has doubled in five years and has become a top issue for small business owners. The tight labor market is making it difficult for all companies – large and small – to retain employees and keep positions filled.

Finding new businesses and customers also makes it a key concern for small business owners, although this problem has decreased by almost 5 percentage points compared to five years ago. Financial stability and taxes remain the biggest challenges for small business owners, although they are among the more stable issues over time, with a similar proportion of respondents citing these concerns from year to year.

Overall business sentiment among small business owners was down in the first quarter of 2019.

The top challenge for small business owners across the US is hiring qualified staff and keeping them around, according to a new quarterly report from Wells Fargo and Gallup. This concern has doubled in five years , skyrocketing to a top issue for small business owners. The tight labor market is making it difficult for all companies—big or small—to retain staff and keep positions filled.

Finding new business and customers also makes it into small business owners' central concerns, although this issue is down nearly 5 percentage points when compared to five years ago. Financial stability and taxes remain top challenges for small business owners, although they are some of the more stable issues over time, with a similar share of respondents citing these concerns year-to-year.

Overall business sentiment among small-business owners was down in the first quarter of 2019.

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