(The Center Square) – According to numbers by small business network Alignable, 64% of Illinois small businesses earned less in the fourth quarter of 2023 than in Q4 of 2022. Another survey shows that business owners lack confidence for the future.
The most recent survey from Alignable shows that more than half of Illinois small business owners earned less at the end of 2023 compared to the same time frame last year. Tied with Florida, Illinois finished with the second-worst fourth quarter, behind only New York and Ohio.
Separately, numbers from the National Federation of Independent Business show that November 2023 also saw less revenue than in 2022.
Noah Finley, Illinois state director of NFIB, told The Center Square that many owners are not optimistic about the upcoming year.
“A net negative of 42% expect better conditions in the next six months,” Finley explained. “That’s a deficient number right there.”
The NFIB survey of small business owners shows that the most critical issue owners are looking to fix is finding quality workers.
“On the economic front, they [business owners] are having trouble finding qualified workers, and higher prices and regulation are still taking their toll,” Finley said.
There are also governmental issues, he said.
“On the regulatory side, they are facing several new mandates at the federal and state levels,” Finley said. “Here at the state level, we have the paid leave mandate that went into effect on Jan. 1, which will disproportionately impact small businesses.”
The second biggest issue among small business owners in the state of Illinois is inflation, and the third is taxes, according to the NFIB survey.