According to data recently collected by the National Federation of Independent Businesses (NFIB), small business owners are feeling increasingly uncertain about the future. The NFIB Research Foundation has been collecting Small Business Economic Trends data since 1973, and in March of this year, its Small Business Optimism Index fell below the 51-year average, showing a month-over-month decline.
Among small business owners, taxes proved to be their biggest challenge, with inflation following close behind. Almost one third of owners reported that they planned to increase their prices, and the percentage of owners expecting better business conditions saw the largest monthly decline since December 2020.
More than a quarter of owners reported that they were borrowing money on a regular basis, but that loans were becoming increasingly difficult to get. Those that did secure funding reported paying higher interest rates on their latest loans.
