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Survey finds majority of small business owners fear losing customers to big businesses

Posted at 8:41 AM, Sep 15, 2022
and last updated 2022-09-15 10:41:08-04

SALT LAKE CITY — Small business owners fear they will lose customers to big businesses.

That’s a key finding in a survey conducted by Goldman Sachs 10,000 Small Businesses Program.

83% of respondents said they fear losing customers to larger businesses and corporations that are better equipped to combat inflationary pressures and offer lower prices.

They cite hiring difficulties, inflation and supply chain issues as their top three economic concerns.

48% said the economy has gotten worse in the last three months.

“Right around 15% - 16% think it will subside in the next 6 months – so pretty low,” said Joe Wall, the director of Goldman Sachs 10,000 Small Businesses Program. “Not a ton of optimism about things getting better when it comes to inflation in the near term.”

The complete results of the survey can be found here.

About 700 Utah small businesses have taken part in the 10,000 Small Businesses Program.

Those interested in joining the program at Salt Lake Community College can apply here.