(The Center Square) – An overwhelming majority of small business owners say they are being hurt by rising prices.
The new survey released Wednesday by small business network Alignable shows 86% reporting being hurt by high costs with only 6% saying they are thriving and not struggling.
Alignable surveyed more than 3,000 business owners from mid-April to mid-May and found that they overwhelmingly lament the burden of inflation.
In addition, 79% say that taxes have hurt their business and 76% say “current regulations have also been detrimental” to their businesses.
The poll reported that “86% assert that inflation has hurt their businesses in the past year, with 59% saying the damage has been significant.”
“In particular, many said taxes are just too high, especially since interest rates and inflation have reduced their cash on hand,” Alignable said.
This survey comes on the heels of another recent survey echoing these concerns.
As The Center Square previously reported, The National Federation of Independent Businesses published a poll of small business owners last week showing they cite inflation as their top concern.
“Cost pressures remain the top issue for small business owners, including historically high levels of owners raising compensation to keep and attract employees,” Bill Dunkelberg, NFIB chief economist, said in a statement with the survey. “Overall, small business owners remain historically very pessimistic as they continue to navigate these challenges. Owners are dealing with a rising level of uncertainty but will continue to do what they do best – serve their customers.”
Notably, Gallup surveyed Americans from April 1-22 and reported back that most are less optimistic about the economy, as The Center Square previously reported.
