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A new survey by Small Business Majority finds almost half of small businesses have been impacted by ongoing supply chain problems that have disrupted their operations during the busy holiday season, and many small businesses are still struggling to stay afloat during the pandemic.
The survey of 481 small business owners conducted between October 22 and November 27, 2021 found 47 percent of them said they have increased prices on their services and goods because of ongoing supply chain challenges. Only 25 percent of respondents reported that they had not been affected. Forty-six percent have had to limit their ability to acquire new inventory, and 40 percent have delayed fulfilling customer orders.
The report also found many small businesses expressed strong support for federal measures, like the Build Back Better plan, that will help them face possible setbacks by providing the resources they need to recruit and retain a strong workforce.
While new coronavirus variants surge, small businesses continue to face challenges in sustaining their operations. Twenty-six percent said that they may not survive past six months without additional funding or market changes. Thirty-seven percent said their business is on the decline compared to the previous month.