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1、VERIZON BUSINESS 4TH ANNUAL STATE OF SMALL BUSINESS SURVEYAU G U S T 2 0 2 3Year Four Results+2+BackgroundVERIZON BUSINESS 4TH ANNUAL STATE OF SMALL BUSINESS SURVEYMETHODOLOGYThis survey was conducted by Morning Consult on behalf of Verizon Business between August 10 August 23,2023 among a national

2、sample of 681 small to midsize business owners and decision makers.The interviews were conducted online.Results from the full survey have a margin of error of+/-4 percentage points.TARGET AUDIENCE Works at a business with 1(sole proprietor)to 500 employees Has decision-making power Works in one of t

3、he following industries(100N per industry):Construction&Contracting,Entertainment&Recreation,Food&Beverage,Hospitality&Accommodation,Retail,Restaurant&Bar TRENDINGData has been trended against previous years where applicable.Year 3 field dates:August 12 August 19,2022 Year 2 field dates:August 5 Aug

4、ust 16,2021 Year 1*field dates:August 26 September 4,2020*The year 1 survey targeted a broader set of eight industries;year one data throughout the report has been filtered to exclude the industries that were not included in years 2,3,and 4.3+Key PointsVERIZON BUSINESS 4TH ANNUAL STATE OF SMALL BUSI

5、NESS SURVEY1.Business owners and decision makers remain concerned about the US economy overall but have grown less concerned about conditions for businesses of all sizes compared to early-pandemic years.About 4 in 5 decision makers say they are very or somewhat concerned about the US economy general

6、ly,consistent with 2022.Concern about businesses of all sizes continues trending down compared to prior years,though concern for small businesses(81%)continues to outpace concern for mid-size(60%)and large(39%)businesses.Fewer express concern about their personal job security(41%).2.Inflation and a

7、potential recession remain leading concerns among business decision makers.Many are already experiencing increased costs of doing business and are responding by reducing spend or increasing prices to offset the impact.4 in 5 respondents say they have experienced increased costs over the past year,a

8、figure that continues to grow YoY.Further,81%say they are worried about the effects rising inflation will have on their business.In response,nearly 3 in 5 small business owners and decision makers have raised or have plans to raise prices of goods and services to offset the impacts of inflation(59%)

9、and a similar share have reduced or plan to reduce spending on non-essential items and activities(57%).3.While enhancements to internet bandwidth,internet speeds,and wireless signal remain common tech upgrades that respondents say their business has made in the last year,few report using AI.Many are

10、 unaware of the benefits and applications of AI that could support their business and worry about it presenting greater risks of cyber attacks.Just over 1 in 10 decision makers say their business currently uses AI solutions(14%),while 2 in 5 are unaware of how AI could support their business(40%).Ne

11、arly half of respondents express concern about integrating AI solutions into their business(45%),and approximately 2 in 5 worry about AI opening their business to more cybersecurity risks(43%).However,decision makers also acknowledge the potential efficiency gains it can bring to their business.4.Su

12、pply chain disruptions and remaining adequately staffed are leading concerns as decision makers look ahead to the 2023 holiday season,and nearly half of business leaders expect to work extended hours.Consistent with last year,more than 1 in 3 decision makers are concerned about staying adequately st

13、affed,supply chain issues,properly pricing goods and services,and economic hardships impacting their sales.Concern about supply chain issues(36%)shows a downtick from 44%in 2022.Nearly half(46%)of business leaders expect to work extended hours over the holidays.Most respondents say their business is

14、 investing more in advertising ahead of the holidays(52%).A plurality of respondents anticipate more online traffic than in-store traffic this year(35%),while 1 in 4 say the opposite(25%).Another 25%expect an even mix.+CONTENTSOUTLOOK&BUSINESS IMPACTSTECHNOLOGY,CYBERSECURITY,AND AIHOLIDAY SEASONMENT

15、ORSHIP5+Overall,concern about both the US and global economies is stable vs.2022,with at least 4 in 5 decision makers indicating they are very or somewhat concerned about each.Concern about businesses of all sizes continues trending down compared to prior years,though concern for small businesses(81

16、%)continues to outpace concern for mid-size(60%)and large(39%)businesses.OUTLOOK&BUSINESS IMPACTSIn general,how concerned are you about each of the following?90%84%81%74%74%60%52%41%39%89%84%85%76%72%63%61%45%43%86%82%90%76%66%76%64%52%49%87%82%92%79%67%81%70%55%52%The U.S.economyThe globaleconomySm

17、allbusinesses inthe U.S.The localeconomy whereI liveMy financialsecurityMid-sizebusinesses inthe U.S.My businessfinancialsecurityMy job securityLargebusinesses inthe U.S.%VERY OR SOMEWHAT CONCERNEDAug-23Aug-22Aug-21*Aug-20*Prior to August 2022,this question was asked as:“In general,how concerned are

18、 you about the impact of the coronavirus(COVID-19)pandemic on the following?”6+Nearly half of decision makers believe the US(49%)and global(48%)economies will get worse in the coming months,outpacing the share who believe they will improve(26%and 23%,respectively)consistent with 2022.Slightly fewer,

19、44%,expect conditions for small businesses in the US to get worse,though fewer than 1 in 5 expect their personal job security to get worse(15%).OUTLOOK&BUSINESS IMPACTSAnd,over the next few months,do you expect conditions for each of the following to get better or get worse,or to stay about the same

20、 compared to today?14%14%13%7%6%5%5%4%3%35%30%35%25%18%14%24%16%12%22%28%25%40%35%42%41%43%54%21%18%17%22%28%27%19%21%19%5%6%6%5%12%10%5%10%10%3%4%3%2%1%2%6%5%2%The U.S.economySmall businesses in the U.S.The global economyThe local economy where I liveMy financial securityMy business financial secur

21、ityMid-size businesses in the U.S.Large businesses in the U.S.My job securityExpect to get much worseExpect to get somewhat worseExpect to stay the sameExpect to get somewhat betterExpect to get much betterDont know/No opinionMUCH OR SOMEWHAT WORSE49%44%48%32%24%19%29%20%15%2023YOY CHANGE-1+2-4-1-2-

22、5-17+Across regions and industries,with the exception of retail,the share of respondents who say their business is doing better now compared to a year ago is lower than the share of respondents who said in 2022 that they expected to do better in 2023.OUTLOOK&BUSINESS IMPACTSAnd,thinking about the ov

23、erall state of your business now compared to a year ago(e.g.,August 2022),would you say your business now is/Year 3 Data:One year from now(e.g.,August 2023),do you anticipate that the overall state of your business will be43%47%40%42%45%47%40%44%47%30%51%56%57%46%57%63%57%59%62%55%55%48%All SMB Deci

24、sion MakersRegion:NortheastRegion:MidwestRegion:SouthRegion:WestIndustry:Construction&ContractingIndustry:Entertainment&RecreationIndustry:Food&BeverageIndustry:Hospitality&AccommodationIndustry:Restaurant&BarIndustry:Retail2023:Share who say business is betternow than in August 20222022:Share who a

25、nticipated businesswould be better in August 20238+Despite 2023 and previous years falling short of expectations,most respondents remain optimistic and expect their business to be doing better next year compared to now.OUTLOOK&BUSINESS IMPACTSFinally,one year from now(e.g.,August 2024),do you antici

26、pate that the overall state of your business will be18%15%18%19%19%14%20%24%18%15%17%36%37%35%39%32%40%36%32%38%32%38%30%32%29%29%31%27%27%25%36%29%35%10%10%10%9%12%12%9%15%4%12%5%3%6%3%2%4%6%3%4%2%3%5%3%4%3%3%7%3%AdultsRegion:NortheastRegion:MidwestRegion:SouthRegion:WestIndustry:Construction&Contr

27、actingIndustry:Entertainment&RecreationIndustry:Food&BeverageIndustry:Hospitality&AccommodationIndustry:RetailIndustry:Restaurant&BarMuch better than nowSomewhat better than nowAbout the same as nowSomewhat worse than nowMuch worse than nowDont know/No opinionMUCH OR SOMEWHAT BETTER54%52%53%58%51%54

28、%56%56%56%47%55%9+Nearly half of respondents continue to report challenges related to hiring for open positions and retaining top talent.In recent years,far fewer say theyve reduced employees hours and laid off employees compared to 2020 and 2021.OUTLOOK&BUSINESS IMPACTSPERSONNEL:Over the last year(

29、e.g.,since August 2022),has your business*Added in 2021 study*Added in 2022 study49%45%35%33%32%28%27%43%40%30%29%28%26%26%49%46%39%48%37%31%38%NANA33%61%NANA32%Had challenges hiring new employees to fill openpositions*Lost employees or had challenges retaining top talent*Experienced declining emplo

30、yee productivityReduced employees hoursImplemented new systems or technology to help withonboarding and training employees*Provided new devices or technology to employees to helpattract or retain talent*Implemented new systems or technology to allow forremote collaborationAug-23;Business has done in

31、 the last yearAug-22;Business has done in the last yearAug-21;Business has done in the last yearAug-20;Business has done since the start of the pandemic19%18%16%16%10%9%8%17%19%13%13%11%10%10%35%30%NA20%30%24%24%43%NANANA38%27%17%Laid off employeesImplemented new systems or technology to compensatef

32、or a shortage of workers*Changed how we pay employees due to cash flowconcerns(e.g.,payroll cadence)*Hired employees who do not live locally for roles in whichthey can work remotely*Put employees on an unpaid leave of absenceReduced employees wagesPut employees on a paid leave of absence10+4 in 5 de

33、cision makers say their business has experienced increased costs in the last year,a figure that continues to grow year-over-year.The majority say theyve started offering new products and services to adapt to changing needs,while fewer report experiencing declining sales compared to the past.OUTLOOK&

34、BUSINESS IMPACTSOPERATIONS:Over the last year(e.g.,since August 2022),has your business*Added in 2021 study*Added in 2022 study80%58%52%43%39%34%33%78%48%53%46%44%31%32%61%48%56%60%NANA38%45%36%47%70%MANA31%Experienced increased costsStarted offering new products and services to adapt tochanging cus

35、tomer needsExperienced issues sourcing materials due to supply chaininterruptionsExperienced declining salesBegun preparing for a possible economic recession*Slowed or stopped hiring due to economic conditions*Implemented new systems or technology to ensure securityAug-23;Business has done in the la

36、st yearAug-22;Business has done in the last yearAug-21;Business has done in the last yearAug-20;Business has done since the start of the pandemic28%28%24%18%17%16%15%12%29%30%27%20%19%16%14%16%40%39%42%27%35%28%27%39%32%38%34%14%40%16%18%35%Added or transitioned to digital/online operationsStarted d

37、elivering products and services differentlyWithdrew from cash reservesApplied for a new line of creditReduced wages of business owners/leadersWithheld payments on bills(e.g.,rent,utilities,internetservices,etc.)Applied for a private loan or grantApplied for a federal loan or grant11+The majority of

38、respondents(81%)are worried about the effects inflation will have on their business,consistent with 2022.This year,more decision makers are concerned about how increases in cost-of-living have changed their employees expectations(+6 pp vs.2022).OUTLOOK&BUSINESS IMPACTSTo what extent do you agree or

39、disagree with the following statements?38%28%21%20%19%15%12%43%42%38%39%35%30%24%3%6%8%10%10%11%11%12%18%21%19%21%26%24%5%6%11%12%14%18%29%I worry about the effects rising inflation will have on my business.Increased cost-of-living is changing my business employees expectationsof the business.My bus

40、iness has used digital tools and technologies over the past twoyears to change our processes and customer experiences.My business is developing or implementing strategies to drive customersback to face-to-face interaction.My business has leveraged digital tools and technologies to create newopportun

41、ities to make money over the past two years.A labor shortage is changing my business employees expectations of thebusiness.I worry that employees at my business will look for jobs elsewhere if theflexibility to work remotely is not offered.Strongly agreeSomewhat agreeDont know/No opinionSomewhat dis

42、agreeStrongly disagree81%70%59%59%54%45%36%-1+6-2-1-2-+1TOTAL AGREE2023YOY CHANGE12+A majority of decision makers say they either already have or are planning to reduce spending on non-essential items and raise prices in preparation for a possible economic downturn.Compared to 2022,fewer respondents

43、 say they will be cutting back on operational investments and scaling back on programs or business offerings.OUTLOOK&BUSINESS IMPACTSHas your business done,or does it have plans to do,any of the following due to the potential for an economic downturn in the near future(i.e.,a recession)?ALREADY DONE

44、,CURRENTLY DOING,OR PLANNING IN THE NEXT 6 MONTHS57%59%39%37%31%35%29%30%32%25%24%26%26%30%24%18%44%43%27%23%22%21%19%18%18%17%17%16%15%14%12%10%13%16%12%14%9%14%10%12%14%8%7%10%11%16%12%8%9%13%12%10%11%9%10%11%12%8%9%10%10%9%13%8%25%20%35%39%43%42%46%42%44%57%55%50%52%46%47%64%8%8%13%14%14%14%15%16

45、%12%10%12%15%12%15%16%10%Reduce spending on non-essential items and activities(e.g.,team events,etc.)Raise the prices of goods or services we offer to offset the impacts of inflationUtilize more free resources or platforms to manage daily operationsStock additional product with low holding costsCut

46、back on planned operational investmentsInvest in employee retention to avoid costs and time associated with hiringSeek outside advice on merchandising products or servicesSeek outside advice on financial planningChange/consider changing your business model to meet economic demands*Reduce employee he

47、adcount to help save money*Implement a hiring freeze to avoid incremental expenses*Cut back on planned technology investmentsScale back on programs or business offerings to cover costsSeek business education to keep up with changing economic conditions*Seek out new funding opportunities,such as gran

48、ts*Scale back employee benefits to save moneyAlready done/currently doing thisPlanning to do in the next 6 monthsPlanning to do in the next 7 12 monthsNo current plans to do thisDont know/No opinion-2-3-2-2-8-2-2-2-3-7-1*Added in 2023 study2023YOY CHANGE13+While respondents continue to be most worri

49、ed about inflation(70%)and a possible recession(66%),concern about both of these issues has subdued slightly vs.2022.Decision makers also express less concern about their ability to create new relationships with customers and maintain existing relationships compared to last year.OUTLOOK&BUSINESS IMP

50、ACTSThinking about how your business plans to move forward over the next few months,how concerned are you about the following,if at all?70%66%55%48%45%48%54%47%33%32%22%21%20%19%19%18%37%34%33%27%25%29%35%29%4%3%6%4%3%7%7%5%17%22%26%32%32%25%23%26%9%9%14%17%19%21%16%21%The impact of inflation on you

51、r businessThe possibility of an economic recession or downturnCash flow disruption due to economic issuesCreating relationships with new customers or clientsMaintaining relationships with existing customers or clientsRetaining top talentManaging rising labor costsMaintaining adequate staffing levels

52、Very concernedSomewhat concernedDont know/No opinionNot too concernedNot at all concerned-4-7-4-8-6+1-2-2Showing attributes with highest%Very Concerned;continued on following slideVERY OR SOMEWHAT CONCERNED2023YOY CHANGE14+About 2 in 5 respondents express concern about preparing for increased sales

53、activity during the holiday season.Most respondents are not concerned about having to reduce their workforce(29%)or implement a hiring freeze(26%)in the next few months.OUTLOOK&BUSINESS IMPACTSThinking about how your business plans to move forward over the next few months,how concerned are you about

54、 the following,if at all?46%45%50%40%42%37%42%29%26%16%16%16%14%13%12%12%10%10%30%29%34%26%29%25%30%19%16%6%7%6%8%5%6%5%9%9%31%27%26%32%32%36%33%30%28%17%20%18%21%20%22%19%33%38%Marketing my business products and services effectivelyAttracting top talentEnsuring inventory levels or fulfillment sched

55、ules amidcontinued supply chain disruptionsEnsuring the security of online and digital transactionsCreating new products and services that meet the changingneeds of consumersEnsuring the security of company networks and computersystemsPreparing for increased sales activity during the holidayseason*R

56、educing talent headcount*Hiring freeze*Very concernedSomewhat concernedDont know/No opinionNot too concernedNot at all concerned-6-1-6-3-1-3VERY OR SOMEWHAT CONCERNED2023YOY CHANGE15+Concerns about non-economic business issues continue to tick down year-over-year.Despite this,nearly half of responde

57、nts remain concerned about creating relationships with new customers,marketing products and services,and maintaining existing relationships with customers.OUTLOOK&BUSINESS IMPACTSThinking about how your business plans to move forward over the next few months,how concerned are you about the following

58、,if at all?48%46%45%42%40%37%56%52%51%43%43%40%66%60%60%52%52%52%65%52%60%46%43%44%Creating relationships with new customers or clientsMarketing my business products and services effectivelyMaintaining relationships with existing customers or clientsCreating new products and services that meet the c

59、hanging needs ofconsumersEnsuring the security of online and digital transactionsEnsuring the security of company networks and computer systems%VERY OR SOMEWHAT CONCERNEDAug-23Aug-22Aug-21Aug-20Showing attributes not related to the economy16+Decision makers in the restaurant&bar industry express str

60、onger levels of concern about staffing and retention in the coming months relative to those in other industries.OUTLOOK&BUSINESS IMPACTSThinking about how your business plans to move forward over the next few months,how concerned are you about the following,if at all?59%48%38%44%33%27%39%35%28%36%13

61、%15%65%50%57%51%32%37%59%51%59%52%27%25%65%64%66%57%42%28%31%32%31%30%21%17%Managing rising labor costsRetaining top talentMaintaining adequate staffinglevelsAttracting top talentReducing talent headcount*Hiring freeze*TALENT:%VERY OR SOMEWHAT CONCERNEDIndustry:Construction&ContractingIndustry:Enter

62、tainment&RecreationIndustry:Food&BeverageIndustry:Hospitality&AccommodationIndustry:Restaurant&BarIndustry:Retail*Added in 2023 study17+Respondents in the food&beverage and restaurant&bar industries are more likely to be concerned about maintaining inventory levels amid supply chain disruptions comp

63、ared to respondents in other industries;construction&contracting decision makers are most worried about inflation.OUTLOOK&BUSINESS IMPACTSThinking about how your business plans to move forward over the next few months,how concerned are you about the following,if at all?76%70%55%46%48%39%61%71%58%36%

64、40%37%67%64%64%60%34%38%67%65%54%47%38%36%75%68%51%54%35%33%72%61%47%49%40%37%The impact of inflation on yourbusinessThe possibility of an economicrecession or downturnCash flow disruption due toeconomic issuesEnsuring inventory levels orfulfillment schedules amidcontinued supply chaindisruptionsEns

65、uring the security of onlineand digital transactionsEnsuring the security ofcompany networks andcomputer systemsOPERATIONS:%VERY OR SOMEWHAT CONCERNEDIndustry:Construction&ContractingIndustry:Entertainment&RecreationIndustry:Food&BeverageIndustry:Hospitality&AccommodationIndustry:Restaurant&BarIndus

66、try:Retail*Added in 2023 study18+Levels of concern across sales and marketing-related areas vary less across industries,though decision makers in the food&beverage industry are most likely to be concerned about the increased sales activity during the upcoming holiday season.OUTLOOK&BUSINESS IMPACTST

67、hinking about how your business plans to move forward over the next few months,how concerned are you about the following,if at all?47%44%44%36%37%54%46%43%37%29%46%48%43%45%53%45%46%47%42%45%49%42%47%48%40%44%49%44%45%46%Creating relationships with newcustomers or clientsMarketing my business produc

68、ts and services effectivelyMaintaining relationships with existingcustomers or clientsCreating new products and servicesthat meet the changing needs ofconsumersPreparing for increased sales activityduring the holiday season*SALES&MARKETING:%VERY OR SOMEWHAT CONCERNEDIndustry:Construction&Contracting

69、Industry:Entertainment&RecreationIndustry:Food&BeverageIndustry:Hospitality&AccommodationIndustry:Restaurant&BarIndustry:Retail*Added in 2023 study19+The majority of decision makers(70%)say that the cost of doing business has been higher for them in the past year,up slightly compared to 2022.Meanwhi

70、le,respondents this year are slightly more likely than last year to report higher customer satisfaction and overall revenue.OUTLOOK&BUSINESS IMPACTSCompared to a year ago(i.e.,August 2022),would you say the following are higher,lower,or about the same for your business now?70%43%39%38%35%35%34%33%33

71、%31%31%29%66%37%33%36%35%36%33%30%29%27%29%30%NA37%38%31%35%40%37%42%39%26%37%NANA26%22%18%26%27%30%37%26%17%30%NACost of doingbusiness*Customer orclientsatisfactionQuality ofproduct orserviceofferingsOverallrevenueLevel ofinnovation inthe productsand serviceswe deliverRevenuegeneratedthrough digita

72、lor onlineoperationsLevel ofinnovation inour businessoperationsLevel offlexibility andadaptabilityamongemployeesTechnologicaladvancementwithin ourbusinessEmployeemoraleLevel ofcollaborationamongemployeesEmployeeturnover*%MUCH OR SOMEWHAT HIGHERAug-23Aug-22Aug-21*Aug-20*Attribute added in 2022 study*

73、Prior to August 2022,this question was asked as:“Compared to before the coronavirus(COVID-19)pandemic began,would you say the following are higher,lower,or about the same for your business now?”20+Social media marketing(56%)and offering deals to appeal to new customers(50%)are the leading tactics th

74、at decision makers have implemented over the past year,consistent with 2022.About 2 in 5 say their business has offered flexible working arrangements in the past year to support hiring and employee engagement,and another 21%say they are considering doing so.OUTLOOK&BUSINESS IMPACTSIn the last year,h

75、as your business done or considered doing the following?56%50%41%41%31%31%27%21%23%21%26%22%26%29%17%21%29%24%37%35%33%7%6%9%9%10%9%10%Using social media marketing to increase customer engagement andonline trafficOffering sales or deals on products or services to appeal to newcustomersOffering flexi

76、ble working arrangements(e.g.,schedules,location)toemployees to drive new hires or retain employeesImplementing new digital marketing technologies to better target theright audiencesOffering incentives to drive new hires or retain employeesUsing social media storefronts or shops to allow consumers t

77、o buyproducts or services directly via social platformsEstablishing partnerships with complementary businesses to driveawareness and customer acquisitionMy business is currently doing or has already done thisMy business has not yet done but is considering doing thisMy business is not considering thi

78、sDont know/No opinion%DONE OR CURRENTLY DOINGChange vs.2022-3+2+5+2+3-2+121+Over half of decision makers say that a variety of financial resources would be helpful to their business in the coming year,including waived late fees from service providers,information about grant programs,free financial c

79、ourses,and the ability to speak with finance experts for business advice.OUTLOOK&BUSINESS IMPACTSWhich of the following resources,if any,would be the most helpful to you right now as you carry your business forward this year?28%27%26%25%23%20%29%30%31%33%38%29%13%13%12%12%11%15%16%16%18%17%16%20%14%

80、13%12%14%12%16%Waived late fees from service providers(e.g.,internet,utilities,etc.)List of available grant programs and how to apply*Ability to apply for advertising grants to help promote yourbusiness digitally and sociallyAccess to free financial courses or programs that you can useon your own ti

81、meAbility to speak with finance experts who can help advise yourbusinessList of available loan programs and how to applyVery helpfulSomewhat helpfulDont know/No opinionNot too helpfulNot at all helpful57%57%57%58%61%49%+2-1-2+2-3Showing areas related to financial support*Added in 2023 studyVERY OR S

82、OMEWHAT HELPFUL2023YOY CHANGE22+When it comes to networking and mentorship related resources,free social media marketing courses are viewed as the most helpful for respondents businesses,followed by the ability to join a network of like-minded business leaders.OUTLOOK&BUSINESS IMPACTSWhich of the fo

83、llowing resources,if any,would be the most helpful to you right now as you carry your business forward this year?34%29%27%26%24%23%22%21%19%35%37%33%35%34%30%34%38%33%9%7%14%12%13%13%11%12%12%12%14%14%15%16%17%16%17%19%10%13%12%12%13%17%16%12%18%Access to free social media marketing courses or progr

84、ams that youcan use on your own timeAbility to join an empowering network of minority-owned businessleaders*Ability to join an empowering network of like-minded female businessleaders*Ability to speak with e-commerce experts who can help establish adigital presence,digital branding,or social media e

85、ngagement for yourbusiness via phone,chat,video,etc.Access to free talent/employee management courses that you can useon your own timeAbility to speak with IT experts who can help advise your business onremote work infrastructure and related new technologies,such asutilizing the 5G network and impla

86、ntation,security solutions and moreAbility to connect with a personal,1:1 mentor for your business andparticipate in personalized coaching sessions against your businessgoalsAbility to connect with other small/medium business leaders in anonline networkAbility to speak with HR(human resources)expert

87、s who can helpadvise your businessVery helpfulSomewhat helpfulDont know/No opinionNot too helpfulNot at all helpful*Base:Non-white respondents*Base:Female respondents69%66%60%61%58%53%56%59%52%+7+1+4+5+3+3+2+1+5VERY OR SOMEWHAT HELPFUL2023YOY CHANGEShowing areas related to networking and mentorship2

88、3+20%17%21%53%51%50%13%16%13%14%15%16%Q4(Oct-Dec)2023H1(Jan-Jun)2024H2(Jul-Dec)2024More than nowAbout the same as nowFewer than nowDont know/No opinionAbout half of decision makers believe that hiring at their business will remain about the same in the coming months as it is now,though more believe

89、that hiring is likely to pick up(20%)than to diminish(13%).OUTLOOK&BUSINESS IMPACTSDuring each of the time periods below,do you anticipate your business will be hiring for more open positions,fewer open positions,or about the same amount that you are now?+CONTENTSOUTLOOK&BUSINESS IMPACTSTECHNOLOGY,C

90、YBERSECURITY,AND AIHOLIDAY SEASONMENTORSHIP25+Upgrades to enhance internet bandwidth,internet speeds,and wireless signal remain the most common upgrades that respondents say their business has made in the last year.TECHNOLOGY,CYBERSECURITY,AND AIIn the past year(i.e.,since August 2022),has your busi

91、ness added or upgraded the following services or technologies?*Prior to August 2022,this question was asked as:“Since the start of the coronavirus(COVID-19)pandemic,has your business added or upgraded the following services or technologies?”*Added in 2022 study%Added or upgraded in the past yearAug-

92、23Aug-22Aug-21*Aug-20*Internet connection with strong bandwidth that allows for high-capacity activities 53%51%52%27%High-speed internet plan51%51%54%27%Routers or extenders to enhance wireless signal47%44%47%25%Devices for employees to enhance connectivity 42%37%45%28%Network security services42%44

93、%47%25%Online business search assistance services 42%43%48%24%Communications and networking hardware41%41%49%27%Secure cloud backup services41%43%46%26%IT or technical support services40%38%46%24%Video and web conferencing tools40%41%53%33%Security tools and protection plans for phones or devices38%

94、39%48%23%Website hosting or development services38%37%45%21%Services to integrate mobile and desktop phone lines 34%34%44%23%TV or streaming entertainment services for business,bars,and restaurants32%31%38%16%Cybersecurity training for employees*31%29%NANAApplication development services*30%30%NANA2

95、6+60%47%39%29%22%10%78%53%48%46%44%To make our operations more efficientTo better connect with existing customersTo help with new customer acquisitionTo meet demands created by new ways ofworking(e.g.,hybrid,remote)To drive employee retentionTo try to compensate for a reduced/frozenheadcount*Aug-23A

96、ug-22Decision makers say that technology additions and upgrades have primarily been motivated by efficiency gains and to better connect with customers,both new and existing.TECHNOLOGY,CYBERSECURITY,AND AIYou indicated that your business has added to its tech stack in the past year.Was the decision t

97、o add to your businesss tech stack motivated by any of the following?Select all that apply./You indicated that your business has upgraded part(s)of its tech stack in the past year.Was the decision to upgrade part(s)of your businesss tech stack motivated by any of the following?Select all that apply.

98、Base:Respondents whose business added new technologies in past yearA D D I T I O N S59%45%39%26%17%12%61%41%35%30%21%To make our operations more efficientTo better connect with existing customersTo help with new customer acquisitionTo meet demands created by new ways ofworking(e.g.,hybrid,remote)To

99、drive employee retentionTo try to compensate for a reduced/frozenheadcount*Aug-23Aug-22U P G R A D E SBase:Respondents whose business upgraded technologies in past year*Added in 2023 study27+Most decision makers whose businesses have made upgrades to their tech stacks say these upgrades have helped

100、address challenges and led to positive business outcomes,such as cost savings and incremental revenue.TECHNOLOGY,CYBERSECURITY,AND AIYou indicated that your business has upgraded part(s)of its tech stack in the past year.Would you say that this upgrade(s)has led to?71%66%52%18%21%27%10%13%21%Address

101、ing business challengesCost savingsIncremental revenueYesNoDont know/not sureBase:Respondents whose business upgraded technologies in past year28+Facebook is the leading platform that decision makers use to promote products and connect with customers,with nearly 50%of respondents saying their busine

102、ss either began using or increased usage in the past year.Instagram follows,with TikTok,LinkedIn and Twitter on a third tier.TECHNOLOGY,CYBERSECURITY,AND AISimilarly,thinking about how your business promotes its products and services and connects with customers,which statement below best describes y

103、our business use of the following platforms?20%15%13%11%11%11%29%24%12%16%14%10%31%20%10%22%15%7%16%34%58%42%52%58%3%7%8%10%9%14%FacebookInstagramTikTokLinkedInTwitterThreads*My business began using this in the past yearMy business used this before,and has expanded or increased our usage in the past

104、 yearMy business used this before,and is using the same way now as we were a year agoMy business does not use thisDont know/No opinion+6+2-+1+2*Added in 2023 study%BEGAN USINGChange vs.202229+Recent buzz surrounding 5G shows a slight drop-off compared to 2022 but unsurprisingly remains notably stron

105、ger than in 2020.Respondents in the construction&contracting industry report hearing the most about 5G relative to those in other industries.TECHNOLOGY,CYBERSECURITY,AND AIHow much have you seen,read,or heard about 5G?35%37%38%15%29%35%37%36%45%36%37%28%28%35%46%48%45%57%47%47%44%46%42%50%37%54%44%4

106、6%16%13%14%22%22%16%15%14%9%11%19%15%23%18%3%2%3%6%2%3%4%4%3%2%7%3%4%Aug-23;All SMB Decision MakersAug-22;All SMB Decision MakersAug-21;All SMB Decision MakersAug-20;All SMB Decision MakersRegion:NortheastRegion:MidwestRegion:SouthRegion:WestIndustry:Construction&ContractingIndustry:Entertainment&Re

107、creationIndustry:Food&BeverageIndustry:Hospitality&AccommodationIndustry:RetailIndustry:Restaurant&BarA lotSomeNot muchNothing at allAUG-2330+5G planning and adoption remains an important priority for senior leaders across business functions.TECHNOLOGY,CYBERSECURITY,AND AIIn general,how much of a pr

108、iority is 5G planning and adoption for the following stakeholders at your company?49%43%43%41%36%45%39%41%39%38%50%46%46%49%45%Sales/Marketing/Business Development leadersIT/IS leadersStrategy/Operations leadersTop executive leaders(e.g.,CEO,President)Engineering/Product Development/R&D leaders%TOP

109、OR IMPORTANT PRIORITYAug-23Aug-22Aug-2131+A majority of decision makers continue to acknowledge the benefits and opportunities that 5G has made available for their business,and positive perceptions have remained notably higher since the launch of 5G in 2020.TECHNOLOGY,CYBERSECURITY,AND AITo what ext

110、ent do you agree or disagree with the following statements?57%56%56%53%42%50%52%43%49%38%56%58%52%57%48%37%40%31%37%27%5G technology has made/will make new opportunities available for mybusiness.5G technology has made/will make new opportunities available withinmy industry.Businesses that do not ado

111、pt 5G technology will fall behind their peers.I know what processes and applications would benefit most from 5Gtechnology at my business.My business was an early adopter of 5G technology.%STRONGLY OR SOMEWHAT AGREEAug-23Aug-22Aug-21Aug-2032+Decision makers are increasingly likely to report that thei

112、r business has subscribed or is currently in the process of subscribing to a 5G-enabled fixed-line business internet service and to provide 5G-capable devices to employees.Nearly 1 in 4 respondents in the retail,restaurant,and food&beverage industries say their business uses 5G networks to support c

113、ontactless payments.TECHNOLOGY,CYBERSECURITY,AND AIWhich of the following best describes your business plans when it comes to the following?22%20%19%14%13%13%12%10%24%17%21%16%17%12%15%12%11%12%NANA14%17%14%10%12%14%12%12%NANASubscribing to a 5G-enabled fixed-line business internet serviceProviding

114、new devices or technologies to employees(e.g.,phones,laptops,tablets,hotspots etc.)Providing 5G-capable smartphones/devices to employeesDeploying Private 5G networksUsing 5G to power or build new applications supported by mobile edge computing(MEC)technologiesProviding an allowance or stipend for em

115、ployees to upgrade their wireless device andservice to 5GProviding an allowance or stipend for employees to upgrade the wireless device andserviceProviding an allowance or stipend for employees to upgrade their home internet serviceto accommodate remote workUsing 5G networks to support contactless p

116、ayments at retail locations*Using 5G networks to power sensors or computer vision to process and trackinventory*%ALREADY DONE/CURRENTLY DOING THISAug-23Aug-22Aug-21*Added in 2023;only asked of respondents in Retail,Restaurant&Bar,and Food&Beverage industries33+23%15%15%13%10%9%Entertainment+Recreati

117、onConstruction+ContractingRetailFood+BeverageHospitality+AccommodationRestaurant+BarTECHNOLOGY,CYBERSECURITY,AND AI14%35%40%12%My business currently uses AIsolutionsMy business does notcurrently use AI solutions,butis aware of how they couldsupport the businessMy business does notcurrently use AI so

118、lutions andis not aware of how they couldsupport the businessDont know/No opinionJust over 1 in 10 decision makers say their business currently uses AI solutions,while 2 in 5 are unaware of how AI could support their business.Respondents in the entertainment&recreation industry are more likely to sa

119、y their business currently uses AI relative to those in other industries.Which of the following statements most accurately describes your business current engagement with Artificial Intelligence(AI)solutions?U S A G E O F A I%C U R R E N T L Y U S E A I B Y I N D U S T R Y34+TECHNOLOGY,CYBERSECURITY

120、,AND AI14%12%12%11%9%9%9%9%8%7%36%32%34%35%37%32%33%35%32%30%35%40%38%35%36%38%38%39%42%45%15%16%16%19%17%20%19%17%17%18%Marketing/Social MediaCustomer Service/Digital Personal AssistantOrder ProcessingData AnalysisInventory Management/Supply Chain OperationsCybersecurityFraud ManagementProduct or S

121、ervice RecommendationsFinancial Management/AccountingRecruitment and Talent SourcingCurrently use AIDo not currently use AI,but would consider usingDo not currently use AI,and would not consider usingDont know/No opinionWhile AI adoption is currently low across business functions,respondents are mos

122、t likely to say theyd consider using AI for marketing/social media,inventory management,data analysis,and order processing.For what specific business functions do you currently use and/or would you consider using Artificial Intelligence(AI)solutions?35+TECHNOLOGY,CYBERSECURITY,AND AI17%16%15%13%12%1

123、0%8%28%29%28%30%25%25%20%19%25%25%26%22%31%30%20%13%15%15%15%14%18%16%18%18%16%26%20%25%I am concerned about integrating AI solutions into my business.AI helps me save time in specific tasks/areas,enabling me tofocus on my core business.AI can help generate additional revenue streams for my business

124、.Leveraging AI tools opens my business up to more cybersecurityrisks.My business is currently exploring how AI solutions are feasiblefor our business.AI can help my business offset any pain points caused byreduced/frozen headcount.AI can help my business retain current staff.Strongly agreeSomewhat a

125、greeDont know/No opinionSomewhat disagreeStrongly disagreeNearly half of respondents express concern about integrating AI solutions into their business,and approximately 2 in 5 worry about the cybersecurity risks it presents.However,decision makers also acknowledge its potential efficiency gains.Not

126、able shares express no opinion across areas tested,indicating there is room to form opinions on AI.To what extent do you agree or disagree with the following statements?36+While most decision makers are confident in their business protection against cyber attacks and feel their business is investing

127、 enough in cybersecurity practices,just over 1 in 3 say their business offers training on the topic to employees,and just half say their business has the necessary in-house expertise to protect from risks.TECHNOLOGY,CYBERSECURITY,AND AITo what extent do you agree or disagree with the following state

128、ments?24%21%19%18%17%14%11%39%35%38%36%33%22%20%15%19%16%16%16%19%24%14%16%15%16%17%16%18%8%10%11%13%17%29%27%I am confident about my business current protection against cyberattacks.I believe that my business is investing enough in cybersecuritypractices.*I understand what steps my business must ta

129、ke to comply withcybersecurity best practices.I know where to go for resources about cybersecurity best practices.My business has the in-house expertise necessary to protect thebusiness from cyber risks.My business offers employees training on cybersecurity practices.Expansion to new locations has i

130、ncreased the potential cybersecuritythreats to my business.*Strongly agreeSomewhat agreeDont know/No opinionSomewhat disagreeStrongly disagree63%56%57%54%50%36%31%-6-7-6-6-4*Added in 2023 studyTOTAL AGREE2023YOY CHANGE37+While most respondents believe common cyber attacks present the same amount of

131、risk to their business as in the past,about 1 in 4 believe that spam/phishing and sensitive data vulnerabilities present more risk now.TECHNOLOGY,CYBERSECURITY,AND AIIn the past year(i.e.,since August 2022),would you say that the following have presented more or less risk to your business than in th

132、e past,or that there has been no change?26%23%22%21%20%17%55%58%57%56%59%60%11%11%13%13%13%14%8%8%8%10%8%9%Spam/phishingSensitive data vulnerabilities(e.g.,customer and employeedata)VirusesMalware/ransomwarePassword theftEndpoint vulnerabilities(e.g.,employee laptop,desktop,and mobile devices)More r

133、isk than in the past yearNo changeLess risk than in the past yearDont know38+Antivirus software,multi-factor authentication,and network security upgrades remain commonly-implemented methods to protect against cyber attacks.However,fewer decision makers say their business is training their employees

134、about cyber best practices compared to previous years.TECHNOLOGY,CYBERSECURITY,AND AIAnd,which of the following best describes your business plans when it comes to the following?48%47%47%44%37%52%50%46%46%41%54%50%49%48%47%Purchasing or upgrading antivirus softwareRequiring multi-factor authenticati

135、on for account loginsEvaluating or upgrading our network security practicesEvaluating or upgrading our payment processing systemsTraining employees about cybersecurity best practicesALREADY DONE,CURRENTLY DOING,OR PLANNING TO DO IN NEXT 6 MONTH SAug-23Aug-22Aug-21+CONTENTSOUTLOOK&BUSINESS IMPACTSTEC

136、HNOLOGY,CYBERSECURITY,AND AIHOLIDAY SEASONMENTORSHIP40+Looking ahead to the holiday season,more than 1 in 3 decision makers remain concerned about staying adequately staffed,supply chain issues,properly pricing goods and services,and economic hardships impacting sales.Concern about supply chain issu

137、es shows a notable downtick from 44%in 2022.HOLIDAY SEASONThinking about the upcoming holiday season,do you have any of the following concerns as you begin to prepare your business?Select all that apply.36%36%34%34%27%22%22%16%15%44%36%38%35%25%24%23%0%17%Supply chain issuesStaying adequately staffe

138、dProperly pricing my goods/services to keep up with inflation ahead ofthe holidaysEconomic hardships and inflation impacting my peak holiday salesOur ability to deliver goods/services to customersEnsuring my social media/marketing plan is prepared ahead of theholidaysEnsuring my website/digital pres

139、ence stands out to attract customersCompeting with big-box retailers that can deploy deeper discountingstrategies*None of the aboveAug-23Aug-22*Added in 2023 study41+Supply chain issues emerge as the top holiday season concern for those in the construction&contracting and food&beverage industries,wh

140、ile respondents in the restaurant and hospitality industries are most likely to select adequate staffing.Decision makers in the retail industry cite economic hardships impacting sales and properly pricing goods as top concerns.HOLIDAY SEASONThinking about the upcoming holiday season,do you have any

141、of the following concerns as you begin to prepare your business?Select all that apply.39%27%28%23%24%16%17%12%25%23%25%28%25%34%35%8%42%40%34%32%27%18%18%20%28%48%32%36%23%15%16%9%46%50%38%38%31%24%19%10%33%24%43%43%30%31%31%32%Supply chain issuesStaying adequatelystaffedProperly pricing my goods/se

142、rvices to keep up withinflation ahead of theholidaysEconomic hardships andinflation impacting mypeak holiday salesOur ability to delivergoods/services tocustomersEnsuring my social media/marketing plan isprepared ahead of theholidaysEnsuring my website/digital presence standsout to attract customers

143、Competing with big-boxretailers that can deploydeeper discountingstrategies*Industry:Construction&ContractingIndustry:Entertainment&RecreationIndustry:Food&BeverageIndustry:Hospitality&AccommodationIndustry:Restaurant&BarIndustry:Retail*Added in 2023 study42+Nearly 2 in 3 respondents say they typica

144、lly see an increase in demand during the holiday season,an uptick vs.2022.Over half say their business is investing in more advertising ahead of the holidays.2 in 5 retail decision makers say they are worried about not having enough inventory to meet demand,while 36%say they are worried about having

145、 too much.HOLIDAY SEASONTo what extent do you agree or disagree with the following statements?29%18%15%15%14%13%34%34%26%29%26%23%6%10%7%12%4%4%14%19%21%23%30%33%16%19%30%20%26%26%My business experiences increased demand during the holidayseason(e.g.,Black Friday,the winter holidays).We are investin

146、g more in advertising for the holiday season to staytop of mind with customers*I am worried about whether my business will be adequately staffedduring the upcoming holiday season.My business would benefit from outside guidance about how tosucceed during the holiday season(e.g.,through mentorship or

147、anetwork of peers).I am worried about not having enough inventory to meet demand*I am worried about having too much inventory compared todemand*Strongly agreeSomewhat agreeDont know/No opinionSomewhat disagreeStrongly disagree63%52%41%44%40%36%*Added in 2023*Added in 2023 and asked of retail industr

148、y only+7-+1TOTAL AGREE2023YOY CHANGE43+HOLIDAY SEASON21%25%26%25%35%35%18%15%Traffic from the 2022holiday seasonExpected traffic for the2023 holiday seasonMore in-store traffic than onlineRelatively even mix of traffic in-store and onlineMore online traffic than in-storeDont know/no opinionH O L I D

149、 A Y T R A F F I C:2 0 2 2 A C T U A L V S.2 0 2 3 E X P E C T E DRetail industry decision makers are split between preparing for an in-store-first vs.a digital-first 2023 holiday season,about and 1 in 5 say they are preparing for omni-channel sales.When it comes to online vs.in-store traffic,2023 e

150、xpectations are largely in line with 2022 experiences 35%say they had more online traffic than in-store traffic last year,and 35%expect this again in 2023.Thinking about the upcoming 2023 holiday season(i.e.Black Friday,the winter holidays),which statement below best describes how your business is p

151、reparing from a sales perspective?Select one./Which of the following statements best describes your traffic from last years(i.e.2022)holiday season?Select one./Now,which of the following statements best describes what you expect traffic to be for the upcoming(i.e.2023)holiday season?Select one.39%21

152、%39%We are preparingfor an in-store firstholiday seasonWe are preparingfor an omni-channel holidayseasonWe are preparingfor a digital-firstholiday season2 0 2 3 H O L I D A Y S E A S O NS A L E S P R E P A R A T I O NBase:Respondents in retail industry44+Consistent with last year,about half of respo

153、ndents say they plan to spend less money on themselves this coming holiday season,and more than 1 in 3 say they will spend less on family and friends.Compared to last year,more workers say they expect to work extended hours in 2023(+8 pts).HOLIDAY SEASONAre you personally expecting to do any of the

154、following this holiday season due to current economic conditions?Select all that apply.53%46%36%18%11%10%7%16%49%38%33%20%12%11%9%26%Spend less money on yourselfWork extended hoursSpend less money on your own family and friendsReduce or cancel holiday-related personal travel plansReduce or cancel ho

155、liday-related business travel plansHire fewer seasonal staffReduce or cancel holiday bonuses for employeesNone of the aboveAug-23Aug-22+CONTENTSOUTLOOK&BUSINESS IMPACTSTECHNOLOGY,CYBERSECURITY,AND AIHOLIDAY SEASONMENTORSHIP46+Business decision makers are most likely to report having received free me

156、ntorship or advice in sales,branding/marketing,and technology,and most likely to report having paid for finance/accounting advice.MENTORSHIPHas your business received outside advice or mentorship in any of the following areas?Select all that apply.24%24%24%21%21%18%17%19%22%21%20%19%19%19%14%SalesBr

157、anding/marketingTechnologyFinance/accountingOur business planEcommerce/websitedevelopmentHuman resourcesOperations*14%21%19%23%12%20%12%10%16%23%22%24%14%21%13%SalesBranding/marketingTechnologyFinance/accountingOur business planEcommerce/websitedevelopmentHuman resourcesOperations*R E C E I V E D F

158、R E E O U T S I D E A D V I C E /M E N T O R S H I P*Added in 2023 studyP A I D F O R O U T S I D E A D V I C E /M E N T O R S H I P47+Nearly half of respondents(46%)say that their business has provided advice or mentorship to other businesses,an uptick from 38%in 2022.Sales and operations are the m

159、ost common areas that respondents say their business has provided advice about.MENTORSHIPHas your business provided advice or mentorship to other small or medium businesses in any of the following areas?Select all that apply,if any.21%18%13%12%10%9%9%7%54%17%NA14%11%11%10%7%7%62%SalesOperations*Bran

160、ding/marketingOur business planTechnologyHuman resourcesEcommerce/website developmentFinance/accountingNone of the aboveAug-23Aug-22*Added in 2023 study48+Among decision makers whose businesses have received mentorship,a broad majority(76%)believe that mentorship is important for building community

161、among small and medium business leaders,and that the mentorship their business has received has inspired them to pay it forward.MENTORSHIPTo what extent do you agree or disagree with the following statements?34%25%21%42%38%44%9%14%13%11%15%15%4%7%7%Mentorship is important for building community amon

162、g small andmedium business leaders.The mentorship my business has received has inspired my businessto pay it forward by providing mentorship to other small or mediumbusinesses.The mentorship my business has received has been vital to itssuccess.Strongly agreeSomewhat agreeDont know/No opinionSomewhat disagreeStrongly disagree76%63%65%-6-2-2TOTAL AGREE2023YOY CHANGEBase:Respondents whose business has received mentorship