Chances are, you’ve been alive long enough to have experienced at least one, if not two, of the most recent recessions in modern history. From the pandemic-induced 2020 economic instability back to the housing-market-driven financial crisis that took place from 2007 to 2008, the economy has been a rollercoaster over the last 20 years. You might even remember that the millennium began with the dot com crash in 2000 to 2001. As businesses have started to make progress extricating themselves from the financial nightmare that has characterized the last two years of the COVID-19 pandemic, there’s a dark cloud looming over the economy as high inflation has economists releasing forecasts showing that there is a growing fear of an impending recession.
With these concerns in mind, UpCity partnered with Pollfish to survey 600 U.S.-based small business owners and leaders to find out how they are preparing for the possibility of a recession. In exploring how small businesses are shifting staffing levels, project workflows, resource management, and financial coping strategies, we’ve organized the Pollfish data findings into the following sections:
- Small Business Recession Concerns
- Business Models and Sizes
- Small Business Finances
Beyond the data gathered through the Pollfish survey, we’ve also gathered the thoughts and advice of the wider global community of small business owners and financial experts and featured their insight throughout the discussion. They’ve shared their insight into how best to position your small business for the coming financial instability in the market in 2022 and beyond.