Small businesses remain resilient in the face of labor shortages and market challenges

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Small businesses must double the hiring, training and compensation of the workforce; look to banks for mentorship, payment reliability, credit card rewards

NEW YORK, May 03, 2022According to a new Chase investigation. To combat a tight labor market, two-thirds of respondents plan to invest in their workforce through additional hiring, employee training and development, expanded benefits and increased salaries.

This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20220503005289/en/

(Graphic: Business Wire)

Ahead of Small Business Week, Chase’s new Small Business Survey polled 1,000 small business owners to understand their financial and strategic business priorities and how they view the state of their business after two difficult years of economic uncertainty. .

“Small businesses are at the heart of every community. They create jobs and support their neighborhoods in good times and bad,” said Ben Walter, CEO of Chase Business Banking. “We are inspired by their resilience, resourcefulness and service to others, and are here to provide the support, solutions and services they need to thrive.”

In assessing small business owners’ thoughts on the state of their business, the survey assessed four key areas: workforce, finances, purpose and vision, and operations.

  • Workforce: About two-thirds of small business owners say they are likely to invest in training and developing their workforce (66%), increasing employee compensation (66%), hire additional staff over the next year (65%) and extend benefits to their staff. workforce (64%).

  • Financial: More than half of new and established small business owners (55%) believe they have adequate access to new financing or credit if they need it.

  • Objective and vision: Less than half of small business owners (48%) are confident they have a business mentor to turn to for advice, although 71% are interested in entrepreneurial training and/or mentoring for newcomers. help run their business.

  • Operations: More than half of small business owners (60%) are confident they have the right technology, and three in four (73%) are likely to adopt new technology in the coming year. In terms of future-proofing their businesses, 48% say they have an explicit COVID-19 contingency plan in place to help them deal with unforeseen disruptions.

The survey also asked respondents about the most important products, tools and resources they seek from a financial partner in order to grow and maintain their business. The main commercial qualities include:

  • Convenience: 83% of small business owners say the ease of working with a financial services partner is an important attribute, followed closely by easy-to-use online platforms (82%) and easy-to-contact live support (81% ). When it comes to business checking accounts, 82% of small business owners say an easy-to-use online/mobile banking interface is important.

  • Tips: 65% of small business owners say they are likely to work with a financial or business advisor in the next year, while 40% say they seek advice from other small business owners.

  • Business credit cards and rewards: 53% of small business owners with a business credit card say it allows them to monitor their business expenses more closely, and nearly half are looking for good cash rewards.

  • Payment options: 83% of small business owners say reliability is an important attribute of payment processing solutions, along with the security of customer and company data (82%), and ease of use for customers and themselves/their employees (84%).

  • Analytics and customer intelligence: 69% of small business owners say it’s important for a financial services partner to offer customer insights and business intelligence services.

“Small business owners have been forced into challenges over the past two years that no one anticipated,” said Jenny Shum, CEO of Chase Ink. “Through our suite of Chase Ink business credit cards, we are constantly listening to our customers to provide the tools and rewards they need to continue to grow and invest in their business to build a brighter future. resilient and nimble.”

During the month of May, to celebrate Small Business Week and beyond, Chase for Business plans to introduce new tools, offers and events for small business owners to its product line, including Chase Business Checking, Chase Ink and Chase Payments Solutions credit cards. Updates include:

  • Educational events: Starting in May, Chase will bring back its Business Insights series with expert speakers in 30 US markets to help entrepreneurs outperform the competition, embrace uncertainty, improve customer loyalty and win sales.

  • Credit card rewards: In May, Chase Ink Business Preferred and Ink Plus points are now worth 25% more when redeemed for Apple products through Chase Ultimate Rewards®. Additionally, eligible Ink cardholders can also use Refund to redeem points worth 10% or 25% more on business expenses for internet, cable, and phone services and select charitable contributions. .

  • Support for restaurants: Chase and Tock have partnered to cover six months of Tock fees ($1,200 value) for Chase Business customers through June 30, 2022.

  • Payments and information: Chase Payment Solutions reduces the complexity of digital and contactless point-of-sale (POS) payments with its new Chase smart terminalSM. With Chase Smart Terminal, small businesses can accept debit and credit card payments at the counter or on the go. Later this month, the bank will also roll out Chase Customer Insights, a free platform that provides small business owners with analytics and trends around their card sales, customer buying behaviors and business operations to help them make smarter investments and marketing decisions.

“Small business owners are especially busy managing their businesses during these difficult times. They need a financial partner that reduces the complexity of how they accept payments while giving them access to their money as quickly as possible,” said Brad Brodigan, Global Head of Small Business. Company at Chase Payment Solutions. “Chase Payment Solutions meets the needs of small businesses with our Chase QuickAcceptSM and the Chase smart terminalSM”

To learn more about how Chase supports resilience for small business owners, please visit www.chase.com/smallbusinessweek

About Chase

Chase is the U.S. commercial and consumer banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading U.S.-based financial services company with $4 trillion in assets and operations around the world. Chase serves more than 66 million U.S. households and 5 million small businesses with a wide range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, business loans small business and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, visit chase.com.

ABOUT THE SURVEY

Chase and TRUE Global Intelligence, FleishmanHillard’s in-house research firm, conducted a 15-minute online survey from March 31 to April 15, 2022 of US small business owners aged 18 or older. For the purposes of this survey, small businesses are defined as businesses with annual revenues between $50,000 and $20 million.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220503005289/en/

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Liz Seymour
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