Survey: Small Business Owners Report Lost Revenue

By: M. Scott Morris
Published: June 11th, 2025

In a new report from Alignable, 55% of small business owners say their earnings have been cut in half since last year, marking a 10-point spike from December.

In addition, 45% say they've ramped up networking to help them uncover new opportunities and build resilience.

"These problems won't disappear overnight, but we're seeing remarkable resilience from business owners uncovering new opportunities through their network," said Eric Groves, Alignable CEO and co-founder.

More than 4,000 small business owners were surveyed from May 12 to June 3, and their answers were combined with more than 25,000 responses collected over the past six months.

Key findings:

55% report making half or less than they made this time last year.
51% say customer spending is much lower than 2024.
Tariffs, attracting new customers, and inflation top the list of concerns.

Industries seeing the steepest earnings declines:

Travel/lodging, 60%
Home furnishings, 59%
Automotive, 58%
Arts/music, 56%
Real estate, 56%
Retail, 55%
Restaurants, 54%
Finance, 54%

Pain points by state:

California, 59%
Florida, 58%
Illinois: 55%
Texas, 55%
Massachusetts, 54%
New York, 38%

Signs of resilience

Overall, 45% say active networking is opening doors and helping them grow, despite challenges.

Top 5 strategies:

Prioritizing customer retention
Cutting costs and reducing overhead
Networking more to find new customers
Expanding into new markets or services
Securing new referral partners

For the full report, click here.