Intuit QuickBooks has released the results from its Black History Month survey revealing the top challenge facing Black small business owners is 'inflation.'
The survey report reveals that 57% of Black small business owners reported they’re currently undercharging for their products and services, and as a result of inflation, 71% plan to increase prices over the next year.
Despite increasing pressure to increase prices, not all business owners are quick to make that call.
Of those Black-owned businesses not planning a price increase in the next year, 44% say customer sensitivity to inflation is the primary reason — compared to 32% of their non-Black peers.
This relationship between sustaining a profiting business and understanding customer sentiment is something that more businesses will likely be faced with during 2024.
Among other challenges faced by Black small business owners:
- Competition from larger businesses (16%), and
- Attracting customers (15%) remain top of mind.
At the same time, almost 33% (1 in 3) of Black small business owners say the most significant contribution made by Black-owned small businesses is the money they pump into the economy.
To spotlight Black business owners and entrepreneurs, and recognize Black History Month, Intuit Inc., the makers of TurboTax, Credit Karma, QuickBooks, and Mailchimp, will host a fireside chat featuring Soledad O’Brien and Tyler Perry, from Intuit’s new home of Mailchimp in Atlanta, Georgia.
The event will take place on Tuesday, February 13, 2024 at 10 a.m. PT / 1 p.m. ET. You can register to watch this free, virtual event here.
Check out this QuickBooks Blog feature for more details on the Black History Month survey