According to the latest Intuit QuickBooks Small Business Insights - a quarterly survey of small business owners - the number of US small businesses experiencing or expecting higher operating costs and/or planning price increases continues to fall.
Despite this, over half (53%) of small businesses say inflation is still their biggest challenge. This data is handy for accountants to understand as they counsel their clients in navigating the current landscape.
A few of the survey highlights include:
Credit Card Reliance: One in four US small businesses expressed being more reliant on their credit cards within the last year.
Halt the price increases: The number of US small business owners planning price increases is now at 63%, down from a peak of 74% in April 2023.
Employee pay increases down Year-over-Year: Similarly, the percentage of US small businesses planning pay increases is now at 44%, down from 50% this time last year.
Small businesses experiencing or expecting higher operating costs continue to fall: both are now at the lowest level since the survey began.
- 48% said costs rose in the past three months (vs 50% who said costs were flat or down) — down from 52% in October 2023.
- 43% predicting higher costs over the next three months (vs 54% who said costs will be flat or down) — down from 48% in April 2023.
About the survey
Intuit QuickBooks Small Business Insights is a quarterly survey of the state of small businesses in the U.S., Canada, the U.K., and Australia. The survey is updated every three months, it covers small business hiring, revenue, financing, technology, innovation, and more.
The sample for each wave of the survey is approximately 5,000 small businesses across the U.S., Canada, the U.K., and Australia. In the U.S., Canada, and the U.K., the survey defines a small business as having up to 100 employees. In Australia, a small business is defined as having up to 50 employees.