The Biggest Challenges Facing Small Businesses Right Now
Inflation remains the top concern for a majority of small business owners (54%) according to a recent our chamber poll. Other issues like revenue, supply chain issues, and rising interest rates remain second-tier worries.
Here are the top concerns of Iraq’s small businesses
1. Inflation
A majority (54%) of small business owners cite inflation as a top concern. In fact, inflation is the top concern for small businesses regardless of region, number of employees, or sector.
2. Revenue
Some small business says a lack of current revenue can be an obstacle to accessing capital. When it comes to loan financing specifically, nearly half of small businesses (46%) say that not having enough revenue or assets to qualify for a loan makes it difficult for them to get financing. Small businesses with fewer than five employees are most likely to report not having enough revenue or assets (to qualify for a loan) as a barrier to financing.
3. Supply Chain Disruptions
Coming in just after revenue, 21% of small businesses said supply chain issues are a top concern. Supply chain concerns vary by sector. Small business manufacturers (28%) are more likely to say supply chain disruptions are a top concern, while small business in services (15%) are least likely to say so.
4. Rising Interest Rates
Concerns about rising interest rates are consistent, but remain at a relatively low level. However, rising interest rates are causing some in the small business community to say they are seeking out financing more earnestly. Two-thirds of small businesses say that rising interest rates are limiting their ability to raise capital or financing for their business.
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