Small business owners are entering 2025 with heightened confidence despite persistent economic uncertainty, according to Bluevine’s 2024 End-of-Year Business Owner Success Survey (BOSS) Report. The survey of 1,200 small business owners (SBOs) found that 79% expressed confidence in their business outlook, an increase from 73% in mid-2024. Expectations for profitability and revenue growth have also risen, reflecting resilience among small businesses.
Despite optimism, SBOs continue to navigate inflation and rising costs. The report found that 64% of respondents identified inflation as a top concern, while 55% cited taxes and fees. Concerns over tariffs have more than doubled, increasing from 5% in mid-2024 to 13%. To mitigate these challenges, 41% of SBOs adjusted their 2025 spending plans, up from 35% last year.
Payroll remains the largest expense, followed by materials, supplies, and rent. Material costs have become a growing concern for solo business owners, with 56% listing it as a top issue, compared to 43% in mid-2024.
To counter rising costs, two-thirds of SBOs have raised prices on some or all of their products or services, an increase from 61% mid-year. Business owners continue to adjust their pricing strategies to maintain profitability in an inflationary environment.
Access to capital remains essential for small businesses, with “growth and expansion” and “working capital” cited as the primary reasons for seeking funding. Three out of four SBOs prefer traditional bank loans, while demand for debt restructuring among solo business owners has increased significantly, jumping from 10% to 38%.
“Despite the challenges small business owners are facing, the demand for capital and investment in growth is unwavering,” said Eyal Lifshitz, co-founder and CEO of Bluevine. “Even with inflation, rising costs and a rocky economy, these business owners are staying the course, investing in growth and looking at the long game. It’s clear that even in uncertain times, they’re committed to making things work and positioning themselves for success.”
The survey was conducted by Bredin, an independent research firm specializing in SMB market trends. The study surveyed 1,200 small business owners nationwide between November 14 and 27, 2024. Respondents reported annual revenues between $100,000 and $5 million.
This article, “Small Business Confidence Surges Despite Economic Challenges, Bluevine Survey Finds” was first published on Small Business Trends