Study reveals small businesses’ biggest concerns for 2022
2 min read
March 23, 2022 • Block Advisors
H&R Block’s Block Advisors “Small Business Resilience Series” study reveals both challenges and optimism as small businesses come back from pandemic setbacks
Challenges on the Horizon
New research from Block Advisors, a part of H&R Block (NYSE: HRB), found that the three biggest challenges businesses expect to face this year are inflation/rising cost of goods (78%), cutting expenses (55%), and supply chain disruptions (54%) based on a survey by H&R Block of 1,100 Block Advisors customers.
“Small business owners continue to weather the storm, but hope is on the horizon,” said Jamil Khan, Chief Strategy and Small Business Officer at H&R Block. “Small business owners have made strategic pivots to ensure they are able to continue operations during ongoing pandemic-induced uncertainty. Block Advisors is proud to serve as an important partner as small business owners work not only to survive, but to thrive, in this environment.”
Optimism for a Brighter Tomorrow
Even with this challenging backdrop, more than half of all small business owners (59%) are proud of their resilience as they face new challenges.
Specifically, recent data from the “Small Business Resilience Series” study of 1,100 small business owners notes that while a majority of small business owners believe that the pandemic has had a moderate or large negative impact on their business, most (70%) are not concerned about their business closing/ceasing operations in 2022.
Help for Small Business
Block Advisors is a resource for small business taxes, bookkeeping, and payroll and is proud to support more than 2 million small business with taxes each year through thousands of small business-certified tax pros across its 8,000 offices.
Many small businesses are not tapping into the resources they need. According to the survey, most businesses perform their own bookkeeping (58.8%), and do not use payroll software/services (61.3%). Block Advisors is built for small business and here to help with year-round small business success.