Pending Tax Changes, Inflation and Supply Chain Management Rank as Top Concerns Among Small and Mid-Sized Businesses
The CBIZ Main Street Index for Q3 reports businesses are still grappling with ongoing impacts of the pandemic
The survey, which was conducted
“The CBIZ Main Street Index shows that while economic factors like inflation and staffing shortages persist, concerns about tax changes and the threat of cyberattacks are also on the minds of business owners,” said
The data was assessed from an overall perspective, as well as based on company size, region and industry. An interactive infographic with the results is available on the CBIZ website. Key findings include:
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64% of business leaders say they are not requiring employees to be vaccinated — Vaccine status continues to be a conversation point among small and mid-sized businesses, but the majority have no intention of mandating it among employees, as of the time of the survey. Of note, the survey period opened beforePresident Biden announced a vaccine mandate for companies with 100-plus employees.
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31% of businesses indicate tax policy changes are a top concern — While most of the policies inWashington still lie in the proposal phase, this figure is noteworthy because no businesses noted tax policy as an area of concern in last quarter’s survey.
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12% of respondents report being subject to a cyberattack over the past year — As instances of cyberattacks against businesses are more widely reported, many companies are taking action. Of the respondents who reported an attack, nearly 2 in 5 (39.8% ) say the attack had a significant or moderate impact on their organization.
- Inflation joins COVID-19 as the top negative factor in business confidence — Persistent inflation, and its effect on the cost of goods and services, has prompted businesses to list it as the main reason for having a negative outlook on the prospects for their company over the next year.
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Businesses are taking a more proactive approach to supply chain management — Nearly
28% of respondents report updating or improving their supply chain measures in order to increase/improve business growth over the next 12 months, up from22% in Q2. Additionally,44% say supply chain disruption is a top concern for their business, compared to38% last quarter.
“The increasing focus on supply chain management reflects an awareness by both businesses and consumers of the ongoing issues related to the cost and timely delivery of goods,” Noftsinger added. “The increase in the number of businesses affected from Q2 to Q3 shows this is a problem that has not peaked.”
*Note: Not all of those surveyed in the CBIZ Main Street Index are clients of CBIZ.
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